Shares of SanDisk (NASDAQ: SNDK) climbed 3.8% on Tuesday, closing at $1,383.29, after analysts at Citi sharply raised their price target on the flash memory company, adding to a wave of bullish sentiment building around the stock.
Citi lifted its price target on SanDisk to $2,025 from $1,300, while reiterating a Buy rating on the shares.
The upgrade was driven in part by a “strong” earnings report from rival Kioxia, which Citi said signals “persistently strong” storage demand and a “highly favorable” pricing environment.
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The bank remains constructive on SanDisk and believes the company’s ongoing share buyback programme could provide additional upside to earnings estimates.
Tuesday’s move built on bullish momentum from the previous session, when Melius Research raised its price target on SanDisk to $2,350 from $1,500, also maintaining a Buy rating.
The Melius analysts flagged growing confidence in memory and AI semiconductor makers more broadly, raising long-term estimates and targets across a basket of what the firm calls “bottleneck stocks” — including Micron (MU), AMD (AMD), Intel (INTC), and Marvell (MRVL).
While the analyst noted that “nothing really emerged as incrementally good from Trump going to China,” they said they felt “incrementally good” about the sector’s long-term trajectory.
Melius also reiterated its long-standing view that semiconductors are positioned to take market cap — and earnings upside — away from traditional software companies and non-semiconductor Magnificent Seven names over time.
SanDisk’s session high on Tuesday reached $1,392.86, with volume of over 13 million shares.
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