• The company is expected to report third-quarter earnings after the closing bell on Thursday. 
• For Q3, the revenue consensus estimate is $4.72 billion, and the earnings per share estimate is $14.55.
• On Monday, Melius Research initiated the stock with a ‘Buy’ rating and set a price target of $1,350.

Shares of SanDisk (SNDK) drew significant investor buzz after the stock surged nearly 8% on Monday, hitting a fresh record high.

The company is expected to report third-quarter earnings after the closing bell on Thursday. According to Fiscal AI, the revenue consensus estimate stands at $4.72 billion, and the earnings per share estimate is $14.55.

Of the 20 analysts covering the stock, at least 15 have rated SNDK ‘Buy’ or higher, four ‘Hold,’ and one ‘Strong Sell,’ per Koyfin data.

Analyst Take

On Monday, Melius Research initiated the stock with a ‘Buy’ rating and set a price target of $1,350, TheFly reported, implying an upside potential of more than 36% as of Friday’s close. 

Melius views memory companies as core to its AI coverage, as they “fit well with AI semis, AI hardware, and hyperscalers” and believes the AI memory cycle “may continue through the end of the decade.”

Earlier in the day, Morgan Stanley and Cantor Fitzgerald hiked their respective price targets on the company. Morgan Stanley raised its price target on SNDK to $1,100 from $690, and kept an ‘Overweight’ rating. 

Cantor, which is also 'Overweight' on SNDK, hiked its price target to $1,400 from $1,000. The firm said the company is expected to deliver “another strong beat-and-raise driven by tight supply, broad-based demand across hyperscale, consumer, and client markets, and continued pricing strength,” per TheFly.

How Did Retail Traders React?

On Stocktwits, retail sentiment about SNDK turned ‘extremely bullish’ from ‘bullish,’ while messaging volumes more than doubled over the last 24 hours.

One user on the platform said the stock will hit $4,000 riding on the AI boom.

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