Bernstein Sees 47% Upside In SanDisk Stock On Strong NAND Pricing

Bernstein analyst Mark Newman raised the target price for SanDisk Corp. (NASDAQ:SNDK) to $1,250, implying about 47% upside from current levels, citing stronger-than-expected NAND pricing trends.

Why Newman Is Bullish

Newman maintained an Outperform rating on the stock, according to a report by Investing.com. Newman maintained an Outperform rating, saying concerns around TurboQuant were “overdone,” while NAND memory pricing continues to exceed expectations.

According to the firm's March memory tracker, pricing momentum has accelerated, with NAND leading and consistently surprising to the upside.

The firm raised its fiscal 2027 non-GAAP EPS estimates to $144 in a base case and $224 in a bull case.

The $1,250 price target reflects roughly 8.7x base-case EPS, while Bernstein's broader valuation framework applies an 11x multiple to projected average earnings of $114 per share across fiscal 2026 through 2029. In a more optimistic scenario, applying a 13x multiple to bull-case earnings implies potential upside toward $3,000.

Newman further noted that the market "is significantly undervaluing the earnings power and sustainability of this cycle," adding that NAND prices only began to inflect meaningfully six to seven months ago and that the industry remains structurally undersupplied.

The analyst expects SanDisk to report adjusted EPS of $14.18 for the fiscal third quarter ending in March, above the consensus estimate of $13.99 and the company's guidance range of $12–$14.

He projects fourth-quarter earnings of $25.30 per share, well ahead of the Street's $18.78 estimate, driven by a projected 40% sequential increase in average selling prices.

SanDisk is set to report fiscal third-quarter results on April 30.

The SanDisk Trade

SanDisk continued its ascent on Friday, rising more than 1% in pre-market trading at the time of writing following the analyst's price target increase. The stock hit an all-time high of $855 on April 9.

Shares have rallied sharply alongside the broader memory rebound, recovering from a prior sentiment hit tied to Alphabet Inc.'s (NASDAQ:GOOG) (NASDAQ:GOOGL) "TurboQuant" claims.

SanDisk stock has surged about 2,200% over the past year, driven by rising NAND flash prices and booming demand from AI data centers.

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