Sandisk’s Path to $1,000 Per Share Runs Through the AI Memory Boom

By Rich Duprey Published Apr 1, 11:12AM EDT

Quick Read

SanDisk (SNDK) has surged 1,350% since separating from Western Digital in February 2025, trading at $697.99 with Q3 guidance for $4.40-$4.80B in revenue and gross margins of 65%-67%, up from 26% a year ago, driven by 76% year-over-year datacenter NAND growth. Bank of America has a $900 price target citing hyperscaler demand, and the company is investing $1B in Nanya Technology to secure long-term DRAM supply.
AI infrastructure buildout has created a structural NAND flash storage shortage that analysts expect to persist until 2028, making SanDisk’s datacenter business a critical beneficiary of hyperscaler cloud spending.

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Sandisk’s Path to $1,000 Per Share Runs Through the AI Memory Boom — © HelloRF Zcool / Shutterstock.com

SanDisk (NASDAQ:SNDK | SNDK Price Prediction) has delivered one of the most extraordinary post-spinoff runs in recent memory. Since separating from Western Digital (NASDAQ:WDC) in February 2025, shares have climbed from under $50 to $697.99 as of April 1, 2026, a 1,350% gain over the past 12 months. Year-to-date, the stock is up 194.04%. The driver is clear: AI infrastructure is devouring NAND flash storage, and SanDisk is one of the few pure-play beneficiaries. The question is whether shares can reach $1,000 in the year ahead.

Wall Street Is Bullish, But the Consensus Target Undershoots

Wall Street’s average 12-month price target sits at $790.34, implying just 13.23% upside from current levels. That modest consensus masks real conviction. 15 analysts rate the stock Buy or Strong Buy, with zero Sell ratings. Bank of America carries a $900 price target, citing strong hyperscaler demand and a favorable mix shift toward high-margin cloud products. Morgan Stanley reaffirmed an Overweight rating, arguing that memory supply represents a “critical bottleneck for AI development,”, making NAND stocks more durable than the market appreciates. SanDisk has beaten earnings estimates in each of its last four quarters, with surprise margins of 23.72%, 866.67%, 37.08%, and 74.97%, suggesting results will continue to outpace forecasts.

The Path to $1,000

At today’s price of $697.99, SanDisk trades at 8x forward earnings. At $1,000, shares would trade at a modest premium to the current multiple and well within range for a company growing revenue at 61.3% year-over-year. The S&P 500 trades at roughly 21x to 23x forward earnings. A premium multiple for SanDisk’s growth trajectory is far from aggressive.

The catalysts are concrete:

Q3 guidance: Management guided Q3 FY2026 revenue of $4.40 to $4.80 billion with non-GAAP EPS of $12.00 to $14.00, a dramatic step-up from Q2’s $6.20 EPS.
Margin expansion: Gross margins are guided to 65% to 67% in Q3, up from roughly 26% one year ago. CEO David Goeckeler described the company’s approach as a “structural reset to align supply with attractive, sustained demand.”
AI memory shortage: Analysts link datacenter NAND demand to a structural supply constraint unlikely to ease before 2028. SanDisk’s datacenter segment surged 76% year-over-year and 64% sequentially in Q2.
BiCS8 and High Bandwidth Flash: Goeckeler stated that “with High Bandwidth Flash (HBF), we are creating a new paradigm for AI inference solutions.” A third hyperscaler qualification is planned for calendar 2026, adding to the two already in progress.
Nanya investment: SanDisk announced a $1 billion investment in Nanya Technology, securing a multi-year DRAM supply agreement and signaling confidence in the memory demand trajectory.

Caveats Worth Watching

Reaching $1,000 requires significant upside from current levels. Shares have already proven they can reprice rapidly when earnings inflect, rising from $32.03 in April 2025 to $703.63 by March 2026. The key risk is that easy multiple expansion has already occurred. Tariff exposure, Kioxia partnership reliance, and NAND pricing volatility remain real headwinds.

For a company projecting $12 to $14 in EPS for a single quarter, with 15 Buy-rated analysts and zero Sell ratings, and a structural AI memory shortage supporting demand into 2028, a premium forward multiple is defensible. Wall Street’s consensus of $790 will likely move higher as quarterly results continue to surprise. SanDisk’s earnings trajectory, margin expansion, and AI infrastructure tailwinds provide a credible blueprint for $1,000 per share in 2026.

About the Author Rich Duprey →

After two decades of patrolling the dark corners of suburbia as a police officer, Rich Duprey hung up his badge and gun to begin writing full time about stocks and investing. For the past 20 years he’s been cruising the markets looking for companies to lock up as long-term holdings in a portfolio while writing extensively on the broad sectors of consumer goods, technology, and industrials. Because his experience isn’t from the typical financial analyst track, Rich is able to break down complex topics into understandable and useful action points for the average investor. His writings have appeared on The Motley Fool, InvestorPlace, Yahoo! Finance, and Money Morning. He has been interviewed for both U.S. and international publications, including MarketWatch, Financial Times, Forbes, Fast Company, and USA Today.