Citi Just Slapped a Massive $2,500 Price Target on SanDisk. Here’s Why They’re So Bullish

Most of the Street holds much mean views SanDisk (NASDAQ:SNDK), with the statement 12-month people sitting astatine $1,912.04. Then Citi's Asiya Merchant raised her people to $2,500 from $2,025 connected June 25, 2026, maintaining a Buy landed and reset the ceiling. Consensus implies astir level from here. Citi sees $500 much to spell per SNDK share.

But tin SNDK realistically scope $2,500 by the extremity of 2026? The setup is unusual: a representation institution posting hyperscaler-grade growth, zero semipermanent indebtedness aft retiring $650 cardinal successful obligations, and a freshly authorized buyback moving alongside Q4 guidance that implies sequential acceleration.

For semipermanent investors and status accounts, the question is whether the structural NAND rhythm has genuinely changed, oregon whether this is different cyclical highest dressed up arsenic secular growth.

Asiya Merchant's $2,500 SNDK prediction

Citi expert Asiya Merchant's telephone hinges connected Micron's blowout 4th signaling the NAND marketplace stays choky done 2027. The fundamentals backmost it. SanDisk conscionable posted gross of $5.95 billion, a 25.68% beat, with datacenter gross up 645% YoY and 233% sequentially. Gross borderline expanded from 22.5% to 78.4% YoY. That is the mechanic Citi is pricing. Datacenter gross surged 645% year-over-year to $1.47 billion, Edge climbed 295% to $3.66B, and adjacent the Consumer conception grew 44% to $820 million. This is broad-based spot that distinguishes this rhythm from anterior NAND upturns driven by a azygous extremity market.

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Furthermore, CEO David Goeckeler framed the 4th arsenic "a cardinal inflection constituent for Sandisk — wherever our exertion enactment is enabling a deliberate displacement successful our premix toward the highest-value extremity markets, led by Datacenter." He besides flagged the company's "new concern exemplary built connected multi-year lawsuit engagements backed by steadfast fiscal commitments," which helium said is "driving structurally higher and much durable net power." Five specified New Business Model agreements person already been signed: 3 successful Q3 and 2 successful Q4. This gave Citi uncommon multi-year visibility into a sanction that historically traded connected spot-pricing whims.