SanDisk (SNDK) Stock: Mizuho, Cantor and BofA All Raise Price Targets in June

TLDR

• SNDK has risen nearly 700% in 2026, pushing the stock above $2,100 after a 4,000%+ rally since its 2025 Western Digital spin-off
• Revenue jumped 251% year-over-year in the most recent quarter, with zero debt and record free cash flow
• Products are fully allocated well into 2026 as AI data centers drive insatiable demand for enterprise SSDs
• Mizuho raised its price target to $2,200, while Cantor Fitzgerald went to $2,900, citing a “new AI-driven memory paradigm”
• The trailing P/E sits at ~67x — above the sector median of 36x — though the forward P/E drops to around 30x on expected earnings

SanDisk (SNDK) stock is trading above $2,100, up nearly 700% in 2026 alone and over 4,000% since it was spun off from Western Digital in early 2025. The move has been fast enough to leave most analyst price targets in the dust.

Sandisk Corporation, SNDK

The spin-off was a turning point. When SanDisk was tucked inside Western Digital, investors had no clean way to value the NAND flash business on its own. Once it became a standalone company, that clarity triggered a rapid re-rating.

The business underneath the rally is genuinely strong. SanDisk makes enterprise solid-state drives — the kind AI data centers actually need. Traditional hard drives simply can’t meet the speed requirements of modern AI workloads.

Demand has been relentless. The company’s products are fully allocated well into 2026, meaning it is selling everything it makes.

Nvidia CEO Jensen Huang put it bluntly at CES 2026, calling the data storage market “completely unserved.” That kind of endorsement from the loudest voice in AI sent SNDK higher.

The numbers back it up. Last quarter, SanDisk posted revenue up 251% year-over-year. More telling: it carried zero debt and generated record free cash flow — a sharp contrast to the cyclical boom-bust pattern memory companies are known for.

Analysts Raise Targets, But Stock Has Moved Faster

On June 8, Mizuho’s Vijay Rakesh raised his price target to $2,200 from $1,825, reaffirming an Outperform rating. He sees tensor processing unit shipments growing to 35 million by 2028, roughly 8x current levels.

Cantor Fitzgerald went further, lifting its target to $2,900 from $1,800, saying the market has entered a “new AI-driven memory paradigm” and that the trade is still only in the mid-innings.

BofA’s Wamsi Mohan raised his target to $2,100 from $1,550, maintaining a Buy rating while lifting FY27 revenue estimates to $44 billion and EPS to $188.

Despite the bullish targets, the average analyst price target sits around $1,843 — below where the stock currently trades. That’s an unusual position for a stock with a Strong Buy consensus.

Valuation Is The Real Question

The trailing P/E of roughly 67x is well above the sector median of around 36x. On that basis alone, the stock looks stretched.

But the forward picture is different. Because earnings swung from a loss just a year ago to strong profitability, the forward P/E drops to around 30x — far more reasonable if estimates hold.

The catch is that NAND markets are historically volatile, and the current price assumes the demand environment stays strong without interruption.

Cantor Fitzgerald’s $2,900 target currently represents the most bullish view on the street. Mizuho’s revised $2,200 target sits just above where the stock is trading today.

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