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SanDisk (SNDK) shares have already experienced a meteoric rally in the trailing 12 months, but a senior Bank of America analyst remains convinced that they’re not out of juice just yet.
Wamsi Mohan maintained a “Buy” rating on the flash memory specialist and raised his price target to $2,500, signaling potential upside of nearly 24% from current levels.
Note that SanDisk stock is currently trading at more than 7x its price at the start of 2026.
Why BofA Remains Bullish on SanDisk Stock
Mohan expects NAND prices to push higher as supply-demand imbalance persists through 2027. For the current quarter, he estimates bit growth at 13% and ASP growth at 35% (sequentially).
He’s bullish on SanDisk mostly because of a fundamental shift in how it operates; the company is moving away from the highly volatile spot-market cycles, locking clients instead into multi-year long-term agreements (LTAs).
This helps the Nasdaq-listed firm secure fixed pricing floors that insulate its revenue from quarter-to-quarter volatility that typically plagues the memory market, the BofA analyst told clients.
Crucially, technical momentum seems to agree with his positive stance as well, given Barchart has a “100% BUY” opinion on SNDK shares at the time of writing.
SNDK Shares Aren’t Super Expensive to Own
Bank of America views the relentless expansion of artificial intelligence infrastructure as a major catalyst for SanDisk shares.
AI clusters require massive volumes of high-speed, unstructured data storage, directly translating to an unprecedented demand for enterprise solid-state drives (SSDs).
According to Mohan, this secular tailwind is transforming the broader NAND industry into a much more profitable, less cyclical marketplace, with SNDK’s gross margin headed toward the 80% threshold.
All in all, SanDisk isn’t particularly expensive to own at 32x forward earnings, given its guidance for more than 30% sequential growth in revenue to $7.75 billion (at least) in the current quarter, he concluded.
What’s the Consensus Rating on SanDisk?
Other Wall Street analysts agree with Mohan on SanDisk as well.
The consensus rating on SNDK stock sits at “Strong Buy” currently, with price objectives as high as $3,250 indicating potential for a more than 60% rally from here.
