Citi Raises Sandisk Price Target to $2,500 as SNDK Rallies 4,800% in 12 Months

Citi has raised its Sandisk price target to $2,500 from $2,025, sending SNDK shares up roughly 22% in the last 24 hours. The chipmaker has rallied approximately 4,800% over the past 12 months on AI-driven NAND demand.

The upgrade adds fresh institutional firepower behind one of the most explosive Wall Street stories of 2026.

Why Citi Raised Its Sandisk Price Target

A price target is the level an analyst expects a stock to reach over a defined horizon, typically 12 months. Citi analyst Asiya Merchant lifted her Sandisk target by nearly 24%, signaling roughly 30.6% additional upside while keeping a Buy rating on the chipmaker.

The catalyst came from Micron’s blowout fiscal third quarter. Furthermore, NAND bit shipments rose mid-single digits sequentially, while average selling prices surged in the mid-80% range, confirming the depth of the supply tightness now reshaping the entire memory chip industry.

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Update: SanDisk is spiking after a Citi analyst raises price target from $2,025 to $2,500$SNDK is now up ~780% since Leopold Aschenbrenner disclosed a $12.9M stakeHe first disclosed the position in November 2025 at ~$254/share pic.twitter.com/envHzUpQiZ

— Leopold Stock Tracker (@LeopoldTracker_) June 25, 2026

Merchant pointed to a clear structural setup. NAND industry demand is now outpacing supply, with that imbalance expected to persist well beyond 2027. AI workloads, especially in data centers, are driving most of the new demand across enterprise SSDs and adjacent storage products.

Citi also opened a 90-day short-term upside view on Sandisk shares. The bank flagged three near-term catalysts. Industry earnings, the Flash Memory Summit in August, and SanDisk’s investor day during the same month should all further sharpen sentiment across the sector.

Sandisk’s own numbers add weight to the bullish call. The company posted $5.95 billion in revenue last quarter, up 97% sequentially. Moreover, data center revenue alone grew 233% quarter over quarter, while more than one-third of fiscal 2027 bit output is already locked under multi-year contracts.

On the other hand, decentralized exchanges Raydium and Jupiter have added Sandisk to their roster of tokenized stocks. The listing reflects the rising appetite among crypto traders for exposure to the year’s top-performing equities.

$SNDK is now live on Raydium.SanDisk is now part of the growing tokenized equities lineup on Solana, available 24/7, issued by @Backpack via @sunrisedefi. pic.twitter.com/9yi1VJo4yl

— Raydium (@Raydium) June 24, 2026

What the 4,800% SNDK Rally Tells the Market

Sandisk has emerged as the best-performing stock in the entire S&P500 in 2026. Shares are up roughly 727% year-to-date, while the 12-month run from a low near $40 to recent highs above $2,335 marks an extraordinary 4,800% advance.

The rally tracks a structural shift in NAND economics. AI infrastructure spending has rewritten the demand curve. As a result, data center operators now rely heavily on cost-efficient SSDs to offload workloads, such as KV cache, a use case that did not exist in a meaningful way 18 months ago.

The Wall Street chorus has turned overwhelmingly bullish. Veteran trader Stephen “Sarge” Guilfoyle also raised his own Sandisk target to $2,600 from $2,425. Furthermore, the stock currently has a Strong Buy consensus rating on TipRanks, based on 14 Buy ratings and only 2 Hold ratings.

Risks remain real despite the conviction. SNDK trades at an elevated trailing P/E of 65 to 76 times earnings. Moreover, the stock recently fell 13.64% in a single session during a broader tech selloff tied to the Korean Kospi crash, showing how exposed the name remains to volatility.

For Citi, the bigger picture still favors the upside thesis. Bit supply growth across the NAND industry is projected at roughly 20% for 2026, while Micron itself expects its own supply growth to come in below that figure.