SanDisk Surges Past $1,100 as Wedbush Hikes Target to $1,200 Ahead of AI-Fueled Earnings

Earnings Anticipation Reaches Fever Pitch

SanDisk Corporation (SNDK) is the standout performer in today's session, climbing 4.18% to $1,108.73 and vastly outpacing the S&P 500’s 1.08% gain. The primary catalyst is the company’s fiscal third-quarter earnings report, scheduled for release after the closing bell today. Wall Street is bracing for a historic print, with consensus estimates projecting revenue of $4.73 billion—a staggering 178% increase over the $1.7 billion reported in the same period last year.

Earnings per share (EPS) are expected to land near $14.66, a dramatic reversal from the $0.30 loss recorded a year ago. This optimism is rooted in a structural "supercycle" for NAND flash memory, where supply constraints have collided with insatiable demand from AI data center operators.

Analysts Race to Lift Price Targets

The rally gained additional fuel today from a major bullish call by Wedbush analyst Matt Bryson, who hiked his price target on SNDK to $1,200 from $740 while maintaining an Outperform rating. Bryson noted that SanDisk has been able to raise memory module prices at a faster rate than the broader industry, suggesting that gross margins could reach as high as 67% this quarter. This follows a similar move earlier this week by Morgan Stanley, which raised its target to $1,100, citing a 90% surge in NAND average selling prices (ASPs) in the first quarter of 2026.

The AI Infrastructure Trade and Sector Momentum

SanDisk’s performance is being viewed as a confirmation of the broader AI infrastructure theme. Earlier this week, peer Seagate Technology (STX) reported strong results that validated robust demand for high-capacity storage in AI training and inference workloads. As a pure-play NAND and SSD provider since its 2025 spin-off from Western Digital, SanDisk is capturing a "pure-play premium" from institutional investors seeking clean exposure to the memory upcycle.

Further supporting the move is the stock's recent inclusion in the Nasdaq-100 on April 20, which has forced passive funds to accumulate shares. With the stock price now firmly in four-figure territory, retail sentiment on platforms like Stocktwits has turned "extremely bullish" on rumors that management may announce a 10-for-1 stock split during the earnings call to improve liquidity.

Technical Setup and Squeeze Potential

Technically, SNDK is trading near its 52-week high of $1,115.00, supported by a significant increase in short interest, which recently climbed to 10.33% of the float. With the options market pricing in a massive 21% swing following the earnings announcement, today’s buying pressure suggests that many traders are betting on a positive surprise that could trigger a rapid short squeeze.

Looking ahead, investors will focus on management’s guidance for the April-June quarter. If SanDisk can maintain its gross margin trajectory and provide a clear roadmap for its next-generation 40TB enterprise drives, the stock may have further room to run despite its 350% year-to-date gain.