Why Sandisk Stock Popped on Monday

Still clearly basking in the glow of an estimates-crushing earnings report issued last week, Sandisk (NASDAQ: SNDK) blew past many other stocks on the exchange Monday. Several analysts tracking the fortunes of the device memory specialist raised their price targets on its stock, sending it to a nearly 12% gain in the trading session.

A day full of hikes

Bernstein SocGen Group's Mark Newman got the party started well before market open, increasing his Sandisk fair value assessment by a strong 150%. Newman now feels that stock is worth $300 per share, up very much from his previous level of $120. Almost needless to mention, the analyst maintained his outperform (read: buy) recommendation on the shares.

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Not surprisingly, his move was based on Sandisk's boffo first quarter of 2026 results. Citing these and the good environment for aggressive pricing, Newman increased his estimates for full-year 2026 and 2027 profitability, hence the massive lift in price target.

Later that morning Barclays' Tom O'Malley enacted an even heftier lift, raising his level to $220 per share for Sandisk, way up from the former $39 (although he kept his equal weight, or hold, recommendation intact).

The more bullish Joseph Moore of Morgan Stanley now feels the stock's proper level is $263 per share; previously he assessed it as being worth $230. He maintained his overweight rating.

Convincing quarterly beats

This felt entirely reasonable, as in nearly every aspect, Sandisk's first quarter of fiscal 2026 was a blowout. Revenue rose by 23% to $2.3 billion, easily beating the consensus analyst estimate. And although net income not according to generally accepted accounting principles (GAAP) slumped by 31% to $181 million, at $1.22 per share, it crushed the $0.89 average pundit expectation.

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool recommends Barclays Plc. The Motley Fool has a disclosure policy.