SanDisk (SNDK) Stock: This 1,100% Winner Just Hit Another All-Time High

Shares added another 1% in after-hours trading. The rally gives SanDisk an 88% gain for 2026, making it one of only two S&P 500 stocks to achieve that milestone in January.

The latest jump came after Citi analyst Asiya Merchant raised her price target. She moved it from $280 to $490 while keeping her Buy rating intact.

Merchant maintains a five-star rating and keeps the stock on Citis short-term upside watch list. The company reports Q2 results on January 29.

Strong Earnings Outlook Ahead of Q2 Report

Wall Street expects earnings of $3.32 per share for Q2. That represents a nearly 170% jump from $1.23 in the year-ago quarter.

Revenue forecasts sit at $2.63 billion for the period. The company continues seeing unconstrained demand with growth running in the mid-20% range.

Citis upgrade came as part of its 2026 technology hardware outlook. Hyperscaler data center spending remains robust across multiple categories.

That spending benefits companies like SanDisk that supply storage for data centers. The firm expects tight supply and strong demand to persist through 2027.

SanDisk isnt changing its supply strategy despite market volatility. The company is balancing near-term profitability with long-term positioning.

AI Infrastructure Drives Memory Demand

Nvidias new Rubin chip has fueled investor interest in memory stocks. The chip uses a storage platform that requires more flash components.

“More SSD demand for these systems would imply even tighter supply than we have right now,” said Morningstar analyst William Kerwin. The chip was showcased at CES earlier this month.

The transition from AI model training to inferencing will support ongoing demand. This shift means applying AI models to data rather than just building them.

SanDisk has surged over 1,100% since spinning off from Western Digital last February. That makes it one of the markets top-performing stocks over the past year.

The only other current S&P 500 member to gain 88% or more in January was Carvana in 2023. Carvana wasnt in the index at that time.

Wall Street rates the stock as a Moderate Buy overall. The consensus includes 11 Buy ratings and four Hold ratings from the past three months.

The average price target of $357.53 sits more than 20% below current levels. That suggests analysts are still catching up to the rapid price gains.

Citi noted other memory stocks might offer better risk-reward profiles now. The firm prefers hard disk drive makers Western Digital and Seagate Technology.

These companies could have more upside potential as drive prices increase. But SanDisk remains on the firms watch list heading into the earnings report.

The favorable supply-demand balance should support margin expansion. Limited supply paired with strong AI infrastructure needs creates pricing power for the company.

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