Wall Street analyst sets SNDK stock price target for 12 months
Although Sandisk Corp. (NASDAQ: SNDK) stock price has plunged over 30% during the past 30 days, Mark Newman, a Wall Street analyst from Bernstein, has reiterated a bullish outlook over the next 12 months. Newman reaffirmed a Buy rating for the SNDK stock, according to a note sent to clients on July 21. The analyst further maintained a 12-month price target for SNDK stock at $3,000, thereby projecting a 115.68% upside. Late last month, Newman raised the firm‘s 12-month price target for Sandisk Corp. stock from $1,700 to $3,000. The Outperform rating for Sandisk stock was based on long-term agreements (LTAs), which provide structural pricing protection and reduce the company’s earnings volatility. Bernstein estimates that the memory makers fiscal 2030 earnings per share (EPS) would still reach $214 with 60% of volumes covered by LTAs. As such, the firm increased its base-case estimates to $243 and $272 for fiscal year 2027 and 2028, respectively. SNDK stock forecast and performance Following Newmans affirmed SNDK stock forecast for 12 months, 17 Wall Street analysts surveyed by TipRanks have set an average price target of $2,041.88, suggesting a potential 36.76% upside. SNDK stock forecast. Source: TipRanks These Wall Street analysts have issued a Strong Buy rating for SanDisk Corp. stock