Although SanDisk (NASDAQ: SNDK) stock The price is down more than 30% over the past 30 days, and Bernstein’s Wall Street analyst Mark Newman has reiterated his bullish forecast for the next 12 months.
Neumann reaffirmed his buy rating on SNDK stock, according to A Note Sent to customers on July 21st. The analyst also maintained a 12-month price target for SNDK stock at $3,000, thus predicting an upside of 115.68%.
Late last month, Newman raised the company’s 12-month price target on Sandisk Corp stock from $1,700 to $3,000. The Outperform rating for Sandisk stock was based on long-term agreements (LTAs), which provide structural pricing protection and reduce the company’s earnings volatility.
Bernstein estimates the memory maker’s fiscal 2030 earnings per share (EPS) will still come in at $214 with 60% of volumes covered by long-term agreements. As such, the company has increased its base estimates to $243 and $272 for fiscal 2027 and 2028, respectively.
SNDK stock forecast and performance
After Neumann confirmed SNDK stock’s 12-month forecast, 17 Wall Street analysts said Surveyed by TipRanks It set an average price target of $2,041.88, suggesting a potential upside of 36.76%.
These Wall Street analysts issued a strong buy rating on SanDisk Corp stock despite growing concerns that the AI stock bubble will burst, as does Finbold He pointed out. Earlier this week, Morgan Stanley (NYSE:MS) said the sell-off in US memory stocks created a compelling entry point.
Moreover, the bank’s hypothesis is that long-term memory shortages could worsen in 2027 and 2028.
“There is not enough memory for the demands of AI, and we don’t see that changing,” Morgan Stanley said I mentioned.
Over the past 24 hours, Sandisk’s stock price has risen more than 11%, trading at approximately $1,496.66 at press time.
As a result, if SNDK’s stock price continues to rise in the coming days, its previous correction could end, with Newman’s 12-month price target potentially being reached.
