Why Sandisk Stock Is Skyrocketing Today
Key Points
Sandisk stock is surging today amid strong bullish momentum for top chip stocks.
Bernstein raised its price target on Sandisk stock from $1,700 per share to $3,000 per share yesterday.
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Sandisk (NASDAQ: SNDK) stock is booking huge gains in Tuesday's trading. The memory technology specialist's share price was up 9.3% as of 3:10 p.m. ET. The S&P 500 had risen 0.8% at the same point in the daily session, and the Nasdaq Composite had surged 1.4%.
After some sell-offs in last week's trading, chip stocks have come roaring back early in this week's trading -- and Sandisk is benefiting from the trend. The company's share price is also getting a boost from bullish analyst coverage.
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Chip stocks are seeing strong bullish momentum this week
The S&P 500 and the Nasdaq Composite saw substantial sell-offs last week as investors weighed concerns that valuations for artificial intelligence (AI) chip stocks had become overly stretched. Those bearish pressures have dissipated early in this week's trading. News that the U.S. and Iran had once again agreed to cease military operations against each other and some reassuring economic data have investors buying back into top chip stocks, and Sandisk is seeing strong valuation gains in conjunction with these trends.
Sandisk stock just got a massive price-target increase
After the market closed yesterday, Bernstein published new coverage on Sandisk stock -- and the note was eye-catching. Mark Newman, the firm's lead analyst on the stock, maintained a buy rating on the stock and raised the firm's one-year price target on Sandisk from $1,700 per share to $3,000 per share.
As of this writing, Bernstein's new price target implies additional upside of roughly 33% for Sandisk stock. Newman pointed to Sandisk's recent long-term contract wins at highly profitable margin levels as a key factor for the dramatic price-target increase.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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