SanDisk Stock: Big Price Target Increases After Q3 Earnings

SanDisk stock has generated huge gains recently amid the global memory chip shortage. Year to date, it is up about 450%¹.

Can it keep rising from here? Analysts on Wall Street believe so – here’s a look at some recent price target increases.

Prolific Growth in 2026

SanDisk’s earnings for the third quarter² of its fiscal 2026, posted on April 30, gave investors several reasons to be bullish. For a start, revenue was up 97% year-over-year to $5.95 billion.

This was above the company’s guidance range. It was also well above the consensus analyst forecast³ of $4.7 billion.

Secondly, earnings were up significantly. For the quarter, adjusted EPS amounted to $23.41, up 278% year-over-year.

Here, analysts had been expecting $14.54. So, this was a major beat.

Third, guidance for the current quarter was very strong. Here, the company expects sales of $7.75 billion to $8.25 billion and adjusted profits of $30 to $33 per share.

Going into the print, analysts were expecting $6.49 billion in revenue and $22.70 per share in earnings. So, guidance was much better than expected.

Additionally, the company advised that it is shifting its mix towards higher-value customers and advancing to a new business model built on multi-year customer engagements backed by firm financial commitments. Note that it ended the third quarter with three signed New Business Model (NBM) agreements and has since signed two additional NBM agreements.

On top of all this, the company said that it would embark on a $6 billion share buyback. So overall, there was a lot to be bullish about in the earnings.

Price Forecasts for SNDK Stock

Looking at Wall Street forecasts, analysts are becoming increasingly bullish on SNDK. Since the Q3 earnings, numerous firms have increased their price targets⁴ for the chip stock significantly.

The highest price forecast, at $2,025, is from Citi. In a research note⁵, its analysts said that the price target reflects stronger-than-expected earnings from Japanese memory partner Kioxia Holdings and a favorable pricing environment expected to persist through 2027.

The average price target is $1,460. That is above the current share price, however, it’s well below Citi’s target.

In terms of the stock’s valuation, it remains low. With analysts forecasting earnings per share of $168⁶ for the fiscal year commencing in July, the forward-looking P/E ratio is only eight.

However, it’s worth pointing out that memory stocks have traditionally traded at low earnings multiples. That’s because memory chips are largely commoditized and demand can be very cyclical.

Footnotes:

¹Google Finance, as of May 19, 2026

²Sandisk, Sandisk Reports Fiscal Third Quarter 2026 Financial Results, as of April 30, 2026

³Newsfile Revinitiv, Sandisk Q3 revenue surges 251% on datacenter growth, as of April 30, 2026

⁴Investing.com, SanDisk Corporation (SNDK), as of May 19, 2026

⁵Investing.com, AI storage frenzy sends SanDisk target soaring 52%, Citi says, as of May 19, 2026

⁶LSEG, as of May 19, 2026