Sandisk Corp. (NASDAQ:SNDK) is drawing fresh bullish interest on Wall Street as Evercore ISI initiates coverage with an Outperform rating and a $1,200 price target, implying roughly 28% upside from recent levels based on the firm's analysis of earnings power and multiple expansion. 

SNDK stock is moving. See the chart and price action here. 

SNDK – AI Winner

The firm argues that Sandisk is rapidly transitioning from a cyclical memory supplier to a structural AI infrastructure winner, supported by durable NAND demand, tighter supply, and a favorable mix shift toward enterprise and cloud workloads. 

Evercore sees a multi‑year runway for both earnings growth and valuation re‑rating as AI training, vector databases, and enterprise SSD adoption accelerate, while structural supply discipline and capital constraints keep the current cycle tighter and more profitable than past upswings.

On the demand side, Evercore highlights that NAND is still in the early innings of a multi‑year expansion, with AI‑driven data growth and the rise of enterprise SSDs underpinning bit growth and pricing power. 

Strategic customer agreements are locking in minimum pricing and prepayments, giving Sandisk improved visibility and cushioning against typical spot price volatility. 

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