New SanDisk Price Target as Micron Lifts the Memory and Storage Basket
SanDisk is enjoying a surge ever since it was spun off by Western Digital, but how far can it go?
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Obviously, with the epic run made by Micron Technology (MU) on Tuesday in response to the increased target price at UBS, the entire TheStreet Pro memory/storage basket has been in focus.
In addition to Micron, Western Digital (WDC), SanDisk (SNDK) and Seagate Technology (STX) all had nice days. In fact, all four of the names have had incredible years to date and SanDisk has had an incredible run since being spun off by Western Digital in March 2025 and trading publicly.
The Sarge-folio is long of all four names in this basket, but SanDisk is the largest exposure in the Sarge-folio among the four. Incredibly, thanks to its run, which accelerated recently, SNDK is now the largest position in said portfolio and it’s not close. I mean, SNDK closed at $1,589.55 on Tuesday afternoon, and it traded higher overnight. These shares were trading with a handle in the low $500s as recently as this past March when I had to rebuild the Sarge-folio (due to divorce, no technical or fundamental reason). These shares were trading with a $37 handle a year ago on Wednesday.
Tuesday
On Tuesday, while Timothy Arcuri of UBS raised his firm’s target price for MU to $1,625 from $535, Thomas O’Malley of Barclays upgraded SNDK from Equal Weight (Hold-equivalent) to Overweight (Buy-equivalent). O’Malley also increased his target price for SNDK from $1,200 all the way to $2,300. O’Malley noted that he sees Memory and Storage as the most attractive vertical below Accelerators. He also believes that continued upside to pricing with supply-demand imbalance will persist through 2027.
What do Arcuri and O’Malley have in common? Why have they moved markets as they have? Simple. These two guys are among the best of the best at what they do. Both are rated at five stars out of five by TipRanks. Better than that, TipRanks rates Arcuri at the number two sell-side analyst on Wall Street and O’Malley at number 26. This is out of 12,268 analysts, so yeah, they must have a strong track record. Trust me. They do.
Over the past two years, Arcuri’s success rate stands at 86% with an average return of 99.4%. Over one year, his average return is still 56.6%. Over the past two years, O’Malley’s success rate stands at 74% with an average return of 100.2%. Over one year, his average return is still 47.1%.
The Chart
Readers will see that SNDK has, instead of going parabolic, been relentless in trending higher over a short time. The bull flag that the shares developed earlier this year worked like a charm. Resistance where the stock halted on Tuesday could be meaningful if it is not pierced on Wednesday morning. That would go a long way towards developing a rising wedge of bearish reversal. That’s something for traders to watch.
I agree with O’Malley that, for investors, SNDK and the rest of this basket are likely to have considerable upside left in their current trends. Relative strength is quite robust, but not yet technically overbought. The daily MACD, which had not been so bullishly postured since mid-May, now looks to be in much better shape.
SanDisk (SNDK)
Target Price: $2,100
Panic: $1,600 (previous high)
Add: Down to 21-day EMA (currently $1,338)
Panic: Loss of 50-day SMA (currently $1,023)
At the time of publication, Guilfoyle was long SNDK, MU, WDC and STX equity.
