Goldman Sachs has raised its price target for SanDisk (NASDAQ:SNDK) to $700.00 from $320.00 while keeping a Buy rating on the shares. The new target implies meaningful upside from SanDisk’s current trading level of $539.30, which sits near the company’s 52-week peak of $546.75.
The firm said the catalyst for its move was SanDisk’s quarterly results and forward guidance, which materially exceeded market expectations despite already elevated investor forecasts following recent share-price appreciation. The company’s stock has delivered extraordinary returns, rallying more than 1,142% over the past six months.
Goldman highlighted the confluence of tight industry supply dynamics and rising demand as a force that is likely to push analyst estimates “materially higher” over the coming 12 months. Central to that argument is the bank’s view that the NAND memory market will see "very limited supply additions for the foreseeable future," a condition that tends to support stronger pricing and margin outcomes for suppliers such as SanDisk.
In addition to supply-side constraints, Goldman pointed to improvements in SanDisk’s product portfolio and mix as factors that position the company to capture favorable market conditions. Those comments frame SanDisk as benefiting both from external market tightness and internal product execution.
SanDisk reported fiscal second-quarter 2026 results that outpaced analyst projections. The company posted earnings per share of $6.20 versus a consensus expectation of $3.49, representing a 77.65% surprise. Revenue for the period reached $3.03 billion, topping the forecast of $2.67 billion.
Following the earnings release, other brokerages adjusted their outlooks upward. RBC Capital raised its price target to $650, citing what it called "extreme supply tightness" in the NAND market that has produced unprecedented growth in average selling prices. Morgan Stanley lifted its target to $690 and maintained an Overweight rating, describing the current memory industry upcycle as the strongest in three decades. Morgan Stanley also underlined SanDisk’s guidance that revenue would rise by more than 52% quarter-over-quarter, even as bits declined slightly, signaling that pricing gains are a principal driver of the revenue outlook.
The combination of outsized quarterly results, tight industry capacity trends and an improving product mix has prompted multiple sell-side firms to revisit their estimates for SanDisk. Goldman’s move to more than double its prior target reflects its expectation that consensus models will be revised upward materially over the next year.
Investors should note that the firm’s comments emphasize market structure and company execution as the primary rationales for higher estimates rather than any newly disclosed operational changes by SanDisk. Market participants will be watching how supply additions and demand trends actually evolve, and whether pricing momentum and product mix improvements sustain the profit and revenue trajectory implied by recent guidance and analyst adjustments.