Sandisk is likely to see its shares shoot higher on the same explosion in memory demand that powered blockbuster fiscal third-quarter earnings just reported at Micron Technology , according to Citigroup. The bank has a buy recommendation on Sandisk, and hiked its 12-month price target on the stock to $2,500 from $2,025, implying 31% upside from Wednesday’s close. “Micron … reported better-than-expected F3Q26 results … on tight NAND industry conditions+mix,” analyst Asiya Merchant said Thursday in a note to clients. “SNDK should continue to be a beneficiary of this structurally favorable environment… serving as a competitive moat, and with increasing mix to data center further benefiting its margins through the longer-term.” After the stock market closed Wednesday, Micron posted better-than-expected revenue and earnings for its latest quarter, exceeding Wall Street consensus estimates, largely due to a boom in memory-linked hardware orders. Demand for NAND — a kind of hardware for memory storage — has exploded due to accelerating adoption of artificial intelligence technology. A boom in the emerging technology has led major hyperscalers, such as Alphabet, Microsoft and Amazon, to allocate a combined $700 billion to AI data center buildouts . Shares of Sandisk have skyrocketed more than 4,400% over the past 12 months according to Factset data, underscoring massive demand for memory solutions.Sandisk added another 12% Thursday. Citigroup call matches the consensus on Wall Street, where 20 of 23 analysts covering Sandisk rate it a buy or strong buy, LSEG data shows.
