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.