Why SanDisk Stock Is Up So Much and Why $2,400 Is the New Talk
Rosenblatt Securities started covering SanDisk (SNDK) with a Buy rating and a $2,400 price target on Sept. 22. That means the firm began official research on the stock and said it expects the price to reach $2,400. It came after SanDisk shares had jumped 644% so far in 2026, according to CNBC.
Rosenblatt argued AI is changing how investors should value NAND flash, the computer chips that store files and AI data, according to 24/7 Wall St.. Instead of pricing it like a basic bulk good that rises and falls with supply, the firm prices it like essential AI infrastructure, like roads AI needs to run. The $2,400 target was reported alongside that call the same day, according to Invezz. The idea links the value to AI workloads and how much storage they need.
SanDisk had already been named in August as a winner from AI demand for memory and storage products, according to CNBC. On Jan. 22, Bloomberg reported memory and storage stocks were the market's hottest trade as AI redefined the memory market.
On April 27, CNBC reported SanDisk rose 8.1% that Monday and was up over 3,000% in the past year. Its market value, the price of all shares added together, was above $157 billion, according to CNBC.
The broader context here is what that infrastructure label means for price. One way values NAND on timing, factory use and the usual return toward average after booms. The other way values it on long-term use and need. That changes how much investors will pay for each dollar of earnings. It also changes how they think about losses. They must believe not just in strong sales but in steady pricing power. For traders, it affects how long they hold, how much of a fall they accept and how they weigh profit updates against a change in that price.
In my view, starting coverage after a 644% run this year changes the meaning of the target. It is not a call for a pullback. It is a call that the earlier price rise did not go far enough. The test for experts is whether real demand and longer contracts support more gains, or whether short-term prices and extra stock on shelves still control the cycle. Notes like this late in a big move often give big investors a reason to keep holding. Rosenblatt has taken a position. The market had already made a large bet.
Looking at what this means for risk, the setup is narrow. Price momentum is extreme. Expectations are high. The case needs AI to keep needing lots of storage. If it does, investors can look past normal ups and downs. If not, the fall back to a normal bulk-good price could be large. That does not make the $2,400 target right or wrong. The path depends more on profit updates than on investors simply paying more. Careful sizing and attention to those updates matter more than the target itself.
