Sandisk Stock Could Nearly Double to $3,000, According to Wall Street

Sandisk (SNDK) has had an extraordinary run this year, skyrocketing 525% so far in 2026. Yet SNDK stock has also recently stumbled, falling 7% over the past five days and sitting 37% below its 52-week high of $2,354.39, giving investors plenty of reason to be cautious. Nonetheless, Wall Street remains unusually bullish, with one analyst even expecting the stock to surge as high as $3,000 per share.

Sandisk is rapidly shifting toward data-center storage, locking in multiyear customer commitments and generating enormous cash flow. But a $3,000 target within 12 months would require the current growth story to keep accelerating. Let’s take a closer look at whether SNDK stock can meet this target.

Sandisk Is Building Around the AI Storage Boom

Sandisk is a data-storage company that makes NAND flash memory and storage products, including enterprise SSDs for data centers, storage for PCs and smartphones, and consumer storage devices. However, Sandisk is not just selling more storage but repositioning itself around the enormous memory requirements created by artificial intelligence (AI), especially as the industry shifts toward inference and agentic AI.

Every AI interaction generating content needs to be stored, retrieved, and served with low latency. That creates a massive opportunity for Sandisk. On the fiscal fourth-quarter earnings call, management also said that the world's largest technology companies are making long-term infrastructure investments and increasingly want suppliers that can scale production, provide reliable performance, and secure supply for years.

Sandisk's quarterly numbers reflect this growth. Data centers, which earlier accounted for just 12% of revenue, now account for 38% as the company's fastest-growing end market. Data-center revenue grew 103% sequentially to $2.98 billion in Q4. For the full fiscal year, data-center revenue grew a staggering 437% year-over-year (YOY) to $5.15 billion. This growth was not from a single product, either. The company has scaled compute-focused TLC enterprise SSDs across hyperscale and AI infrastructure customers, and has begun deploying its QLC Stargate platform.

Total revenue increased 372% YOY to $8.97 billion, while full-year fiscal 2026 revenue surged 175% YOY to $20.5 billion. Adjusted EPS jumped to $39.25 from just $0.29 in the year-ago quarter. Sandisk generated $5.03 billion in adjusted free cash flow and ended the quarter with $4.76 billion in cash and cash equivalents. 

Sandisk's growth strategy is tied closely to its NAND technology. Management expects the larger NAND market to exceed $300 billion in 2026 and reach $500 billion in 2027. The company also expects data centers' share of this total addressable market to increase from about 30% in 2025 to 50% in 2026.

For Q1 fiscal 2027, Sandisk expects revenue in the range of $10.3 billion to $10.8 billion, with adjusted gross margin landing between 83% and 85%.

The New Business Model Could Make Growth More Predictable

Perhaps the most important strategy that has made Wall Street bullish on SNDK stock is the company's New Business Models (NBMs), which are multiyear supply agreements with major customers, especially in data centers and edge markets.

Sandisk has secured NBM agreements with eight customers across its data center and edge businesses, with the contracts carrying a minimum future revenue value of $93.9 billion. The company expects these deals to cover more than half of its bits in fiscal 2027 and roughly two-thirds by fiscal 2028. Remaining performance obligations (RPO) stood at $59.8 billion at the end of Q4 but climbed to $91.1 billion after the company signed two more agreements following the end of the quarter. 

This new business model matters because NAND is traditionally a cyclical business, where prices swing depending on supply and demand. With NBMs, Sandisk can make its business more predictable and less exposed to those cyclical swings.

Can Sandisk Stock Really Reach $3,000?

The high price target of $3,000 set by Bernstein analyst Mark Newman implies that Sandisk stock could climb as much as 102% from current levels. After its 525% year-to-date (YTD) rally, buying SNDK stock is not a low-risk bet, even with the recent pullback.

No doubt, the underlying business remains compelling, as its data-center business is a key growth driver, with the company receiving multiyear agreements from significant customers. Sandisk has also demonstrated its ability to turn rising demand into extraordinary earnings and cash flow. However, the bullish $3,000 price target assumes a dramatic improvement in the company’s future. Analysts expect earnings to increase by 201% in fiscal 2027, followed by 21% growth in fiscal 2028. 

If Sandisk can sustain its current growth, margins, and cash generation, reaching $3,000 might not be an unattainable task over the next 12 months. However, the average price target of $2,133.39 implies potential upside of 44% from current levels, which seems more attainable. 

Overall, SNDK stock has a consensus “Strong Buy” rating on Wall Street. Of the 24 analysts covering the stock, 20 recommend a “Strong Buy” rating, one has a “Moderate Buy,” and three suggest a “Hold” rating.