SanDisk Stock Keeps Sinking, So Why is Wall Street More Bullish?

SanDisk (SNDK) stock fell 12.63% Monday, July 13, and slid further after hours, as a broad selloff hit memory and chip stocks. Several Wall Street analysts still raised or reaffirmed their price targets on the company despite the drop.

The moves show analysts trust SanDisk’s earnings outlook, even as memory sector volatility has rattled the wider group in recent weeks.

Analysts Defend Bullish Case Despite the Slide

Citigroup reiterated its $2,500 price target on SanDisk with senior analyst, Asiya Merchant, issuing a bullish note and maintaining a buy rating on SNDK. The price target implies roughly 30% upside from the most recent close.

Despite being up close to 600% YTD, SanDisk has seen a volatile time in the last month. Image Source: Trading View

Evercore ISI analyst Amit Daryanani went further, he raised his target to $3,100 from $1,400 and kept an “Outperform” rating. The new target implies nearly 62% upside from the last close. Daryanani argues investors underestimate the durability of SanDisk’s earnings and pricing power through 2027.

Bernstein analyst Mark Newman lifted his target to $3,000 from $1,700. He points to structural changes in how memory suppliers now write long-term supply agreements.

Wedbush analyst Matthew Bryson told MarketWatch the memory market remains “in a very good place.” He said Micron (MU) and SanDisk both benefit from AI-driven demand that chipmakers cannot quickly match, since new fabs take years to build.

Retail Sentiment Stays Extremely Bullish

Stocktwits data showed “extremely bullish” retail sentiment on SNDK, with high message volume. A related poll of nearly 1,800 respondents put Micron ahead for best returns, at 57%. SanDisk drew 19%, still reflecting continued capital flowing into memory stocks despite the pullback.

Data puts 18 of 22 analysts covering SanDisk at “Buy” or “Strong Buy,” with an average target of $2,112.32. Shares remain up nearly 600% year to date, a run that has also stirred renewed AI bubble concerns across the sector.

The next earnings cycle will show whether SanDisk can grow into targets north of $3,000.

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