New SanDisk Price Target as Stock Threatens Another Parabolic Move

Just Wow!

Readers have likely been keeping up with our “Memory/Storage Basket.” The basket holds four stocks that have been absolute home runs for us this year. Those names would be Micron Technology (MU), SanDisk (SNDK), Western Digital (WDC) and Seagate Technology (STX). The Sarge-folio remains long all four names.

Micron is set to report this Wednesday afternoon. Wall Street is looking for adjusted earnings of $20.66 per share on revenue approaching $35.2 billion. That would be up parabolically from the year-ago comps of $1.91 and $9.3 billion, respectively.

To say that demand for memory and storage is off the hook would be an understatement. Of the 17 sell-side analysts that I know to cover MU, all 17 have increased their estimates since the quarter began. As a matter of fact, the stock caught a major price target increase Monday morning from the highly rated Mark Li at Bernstein.

Among the four names in our “basket,” Western Digital has now pierced our $750 price target. That means that I will take a little something off of that one and take the balance of my position higher. Perhaps that’s a Market Recon story for Tuesday.

Then there is SanDisk. Mighty, mighty SanDisk. We recently took our target for SNDK up to $2,425 from $2,100. So, no… we are not there yet.

Let’s think a little more about SNDK…

Background

SanDisk has absolutely soared in 2026. This name was spun off in February 2025 from the already mentioned Western Digital. SNDK is up a rough 875% in 2026 and about 8,145% from the stock’s 2025 low of $27.89. Western Digital had acquired SanDisk back in 2016. For those nine years, memory cards, USB drives and Solid State Drives were sold under both brand names.

By early 2025, Western Digital packaged the flash storage business into SanDisk and created an independent, publicly traded firm that it could create some cash out of. Guess they should have waited. Western Digital has held no equity stake in SanDisk since a $3.17 billion secondary offering in February. Ouch!

SanDisk won’t report its fiscal second-quarter earnings until mid-August. It’s still early, but at this time, Wall Street appears to be projecting adjusted EPS of $33.75 on revenue of almost $8.3 billion. That would compare to the year-ago comparables of $0.29 on revenue of $1.9 billion.

Of the 16 sell-side analysts that have expressed a public opinion on SNDK for the quarter, 13 have already increased their estimates while the other three have sat on their hands.

The Chart

Back in early 2026, SNDK stock rallied out of a bullish flag pattern, which is a trusted pattern of trend continuance. From April through June, the stock developed what looks to be a rising wedge pattern of bearish reversal. SanDisk has now successfully broken out of this pattern to the upside.

Now, I’ve told readers this before. Remember, when a stock successfully executes a bullish breakout from a bearish pattern, the move is often quite explosive and potentially exaggerated. The move could be even more exacerbated this week if there is a positive move off of earnings for Micron.

SNDK had used its 21-day exponential moving average (EMA) as support for three solid months and now threatens another parabolic move. Looking at the indicators, Relative Strength is currently quite robust and has now entered into technically overbought territory. That’s nothing new for this name.

Below the chart, the daily moving average convergence divergence (MACD) is also postured quite bullishly. The histogram of the 9-day EMA has moved well beyond the neutral line. Additionally, the 12-day EMA has crossed above the 26-day EMA with both of those lines already well into positive territory and continues to put space between the two.

Price Target: $2,600 (Up from $2,425)
Pivot: $2,167 (June 16 high)
Add: On any retest of 21-day EMA
Panic: Loss of 21-day EMA (currently $1,813)

At the time of publication, Guilfoyle was long MU, SNDK, WDC, and STX equity.