Why SNDK, DELL, PANW Stocks Are Rallying Overnight Ahead Of Fresh Trading Week

• Tech stocks gained further momentum as the S&P 100 inclusion boosted visibility and investor demand.
• Dell and Palo Alto Networks will also be added to the S&P 100, effective Sept. 21.
• Lynx Research sees further upside for SanDisk and Micron, while analysts remain broadly bullish on SNDK.

Shares of SanDisk jumped 3.6% in overnight trading late Monday, while Dell Technologies and Palo Alto Networks gained less than 1%, extending their recent advances after S&P announced the three stocks would be added to its index tracking the 100 largest U.S. equities.

The three and Arista Networks bagged spots in the S&P 100, the index operator announced on Friday, replacing Nike, Colgate-Palmolive, Molson Coors Beverage and Simon Property Group. The rebalancing, effective Sept. 21, is another sign of how tech stocks are increasingly overshadowing other sectors of the market, with consumer stocks taking a back seat in this case.

The addition to the index boosts stocks through greater visibility, credibility and demand from index-tracking funds, potentially supporting trading liquidity and the share price. SNDK jumped nearly 12% in Friday’s session.

Analysts See Clear Path For Memory Stocks

On Friday, Lynx Research set a $2,450 price target on SanDisk stock and a $1,325 target for Micron, according to TheStreet. Based on Friday’s closing prices of $1,740 for SanDisk and $1,016 for Micron, those targets imply significant upside for both stocks.

Lynx believes the hype-driven volatility of May and June is over and is now replaced with calmer, more deliberate institutional buying – a trend that typically precedes a breakout. Both stocks remain top S&P 500 year-to-date performers. SanDisk leads with 633%, followed by Moderna, Dell, and then Micron at 256%.

Currently, 20 out of 24 analysts have a ‘Buy’ or higher rating on SNDK, with three recommending ‘Hold’ and one advising ‘Strong Sell,’ per Koyfin data. Their average price target of $2,125 implies a 22% upside.

Retail View On SNDK

On Stocktwits, retail sentiment for SNDK remained ‘bearish’ as of Sunday, unchanged over the past week.

“$SNDK wow when it runs no one knows why,” said a trader, while another wrote, ”$SNDK 2k on deck?”

“$MU $SNDK $SKHY $NVDA South Korea wants to give every citizen free access to AI with no usage limits… That turns nationwide AI adoption into recurring demand for $NVDA compute, $MU + $SKHY DRAM and $TSM silicon behind it,” wrote another trader.

Last week, South Korea announced plans to give its entire population free access to generative AI services as part of a major state-led program that will ramp up in the next few months. 

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