Rosenblatt Securities analyst Kevin Cassidy started coverage of SanDisk on September 22 with a Buy rating and a bold call: the stock could climb to $2,400 within a year. That is roughly 37% above where shares were trading in Tuesday's pre-market session, and it lands just a day after SanDisk joined the S&P 100, a milestone that cemented its arrival among the market's largest and most closely watched companies.
SanDisk stock has spent the past several weeks fighting to clear resistance near $1,766, a level it first approached around July 1. Shares changed hands at about $1,754.65 before Tuesday's open, putting Cassidy's target well above where the market currently prices the company's prospects. Seventeen analysts tracked by TipRanks over the past three months rate the stock a collective "Strong Buy," with an average 12-month target of $2,195.29, so Rosenblatt's call sits above consensus but not outside the range Wall Street is already contemplating.
The bigger story is how fast that consensus has shifted. A year ago, on September 22, 2025, SanDisk traded around $103.28. The stock has since gained more than 1,598%, a run that has pushed its market capitalization to roughly $258.67 billion and turned what was once viewed as a cyclical, low-margin storage supplier into one of the most talked-about names in the AI trade.
Why Rosenblatt Sees More Room to Run
Cassidy's thesis centers on a structural change in NAND flash, the non-volatile memory technology that retains data without power. For years, NAND was treated largely as a commodity used in phones, laptops and USB drives. Rosenblatt argues that framing no longer fits. As AI data centers scale up, they need enormous amounts of high-speed storage to keep pace with processing demand, and that has turned NAND into what Cassidy calls a system-critical component of AI infrastructure rather than an interchangeable commodity part.
A Manufacturing Edge Through Kioxia
SanDisk's position in that shift rests heavily on its long-running technology and manufacturing alliance with Kioxia Holdings Corporation, the Japanese memory maker listed in Tokyo. The two companies jointly develop and produce chips using the BiCS8 and BiCS10 process nodes, advanced NAND architectures that Rosenblatt views as a meaningful edge over rivals still catching up on next-generation flash technology.
Contracts That Blunt the Old Boom-and-Bust Cycle
Rosenblatt also pointed to SanDisk's shift toward long-term customer agreements as a reason the stock deserves a different valuation than it carried during past NAND cycles. Multi-year supply commitments give the company more visibility into future revenue and, according to the firm, should soften the swings that historically hit memory makers when supply and demand fall out of balance. "The analyst expects AI demand, technology advantages, and customer agreements to support strong growth and margins," Rosenblatt wrote in the note.
Where Wall Street's Targets Land
Rosenblatt's $2,400 target is bullish, but it is not the most aggressive on the Street. Bernstein analyst Mark Newman holds the high-water mark, while Wells Fargo's Aaron Rakers is the most cautious among the group TipRanks tracks.
| Firm | Analyst | 12-Month Price Target |
|---|---|---|
| Bernstein | Mark Newman | $3,000 (highest) |
| Rosenblatt | Kevin Cassidy | $2,400 |
| Street average (17 analysts) | — | $2,195.29 |
| Wells Fargo | Aaron Rakers | $1,550 (lowest) |
Context Behind the Run
SanDisk's rise has not been a straight line. The stock touched a 52-week intraday high above $2,350 in June before pulling back more than 30% amid broader volatility in memory names, only to stabilize and push higher again heading into its S&P 100 debut this week. The company itself is relatively young as a standalone stock, having begun trading independently after splitting from Western Digital in early 2025. That history helps explain why a single quarter of AI-driven demand can move the stock so sharply: the float and trading history are still thin compared with older mega-cap names.
For now, Rosenblatt's call adds to a chorus of bullish Wall Street voices betting that the AI buildout gives NAND makers like SanDisk a longer, steadier growth runway than they have had in decades.
Disclaimer: This content was partially produced with the help of AI tools and this content is for informational purposes only and not investment advice.
