SNDK is up more than 500% this year. JPMorgan says there are more gains ahead
Sandisk has shot up sixfold in 2026 and still has room to run due to sky-high memory demand linked to the artificial intelligence boom, according to JPMorgan. The investment bank upgraded the flash memory name to overweight from neutral. It also has a $2,250 price target on shares, implying 47% upside from Thursday’s close. “Following a period of restriction on Sandisk (SNDK), we are moving to an OW Rating,” analyst Harlan Sur said Friday in a note to clients. “SNDK is in many respects uniquely positioned to capture the ongoing structural inflection in NAND demand driven by rapid growth in AI inference.” Shares of Sandisk have surged 544% year to date as an acceleration in AI adoption boosted demand for memory and storage — even creating supply constraints. SNDK YTD mountain SNDK year to date On Thursday, Sandisk held an Investor Day in New York, providing updates on how it would leverage the memory frenzy. As part of its growth strategy, Sandisk will embrace a new business model that entails structured pricing mechanisms for its products and pre-payment agreements with major clients. It’s a framework that could reduce some of the volatility in Sandisk’s business, according to JPMorgan. “The New Business Model (NBM) framework (or LTAs – long-term agreements) has structurally reset SNDK’s margin profile higher and materially reduced cyclicality, with 8 signed NBMs representing ~$94B in total contract value at floor pricing [and] weighted-average contract duration of 4+ years,” Sur wrote. JPMorgan’s rating falls in line with consensus on Wall Street. Of the 25 analysts covering SanDisk, 22 have buy or strong buy on the stock, while three have a hold rating on it, LSEG data shows.
