Lynx Equity has substantially raised its price target for Sandisk to $750, up from $300 three months earlier, putting the firm’s view at the top end of the Street. The firm’s adjustment coincides with a marked run-up in Sandisk’s shares; the stock was trading at $527.63 at the time of the note, roughly 0.99% below its 52-week high of $531.46.
The new target rests on a 20x multiple applied to Lynx Equity’s estimated calendar-year 2027 earnings per share. The firm stated it expects Sandisk to continue to outpace storage peers, semiconductors and the broader market. That outlook is anchored in supply-side dynamics in the NAND market and the pricing environment for flash memory.
Lynx highlighted how Sandisk’s share trajectory has evolved in recent months: the stock rose roughly 2.5x over the most recent three-month period, after increasing about 5x in the three months prior, according to the firm’s analysis. Supplementary data from InvestingPro cited in the note show a 1,365.64% price return over the last year and a 1,129.05% gain over the prior six months, underscoring the extraordinary rally.
Despite the rally and the lofty price target, Sandisk is not currently profitable on a trailing basis, with a diluted EPS of -$11.99 for the last twelve months. Analysts, however, anticipate a swing to positive results, with EPS projected at $14.12 for fiscal 2026. InvestingPro’s Fair Value assessment referenced in the coverage suggests the stock appears overvalued at current prices, reflecting a tension between anticipated future earnings and present valuation levels.
Central to Lynx’s thesis are tight NAND industry conditions. The firm expects meaningful increases in bit supply to be delayed until early 2028 and noted that Kioxia and Sandisk are the only major NAND vendors adding capacity this year. Those limited capacity additions provide a foundation for elevated flash prices, according to Lynx, and support their view that current pricing dynamics could persist until broader industry-wide supply increases materialize.
Within the company’s financial profile, Sandisk displays moderate leverage and strong liquidity metrics: a Debt/Equity ratio of 0.17 and a Current Ratio of 3.29. Still, the company is trading at high multiples by several measures, including an EV/EBITDA of 145.85, a level that reflects the market’s forward-looking optimism priced into equity valuations.
The analyst community has been active around Sandisk recently. Bernstein reiterated an Outperform rating, pointing to robust demand from artificial intelligence applications as a tailwind. Mizuho raised its price target to $600 from $410, citing ongoing pricing advantages in DRAM and NAND as drivers for revenue growth and margin improvement into 2026. Benchmark boosted its target to $450, attributing upside potential to NAND supply constraints.
Other broker activity included RBC Capital initiating coverage with a Sector Perform rating and a $400 price target, noting Sandisk’s strong showing in 2025 amid improving NAND fundamentals. Mizuho also painted a constructive scenario for 2026, forecasting that NAND pricing could rise materially - citing a potential 70-100% increase in 2026 following a strong quarter-over-quarter price jump in early 2026, as reflected in the firm’s commentary.
Lynx additionally signaled the prospect of a stock split in the near term and noted that InvestingPro has gathered 21 further investment insights on Sandisk, including that eight analysts have already revised their earnings forecasts higher for the coming period. Those data points contribute to the overall picture of elevated market attention and shifting expectations for the company.
For investors and market participants, the mix of tightening NAND supply, strong recent price performance, elevated valuation multiples and varied analyst views creates a complex investment backdrop. The company’s position in the Technology Hardware, Storage & Peripherals industry and its participation in NAND capacity additions this year are central to the bullish case, while trailing losses and high valuation metrics temper the near-term fundamentals.