Citigroup raised its price target for SanDisk by 23%. Its stock has already risen 860% in 2026

SanDisk shares could rise by another third from current levels—even after surging 860% this year and 4,700% over the past 12 months, according to Citigroup. The firm raised its price target for the company’s stock by 23%—from $2,025 to $2,500—and reaffirmed its “buy” rating. The new target implies a 31% increase from the closing price on June 24.

Citigroup believes that the same surge in demand for memory chips that drove Micron’s strong quarterly results will be the engine of growth. SanDisk will continue to benefit from the favorable market environment, according to Citigroup analyst Asia Merchant, as quoted by CNBC. In her view, the supply shortage in the NAND market (flash memory chips used in data centers) creates competitive advantages for memory manufacturers, and increased shipments to the data center segment will further support the company’s profitability.

Demand for NAND memory has surged due to large-scale investments in AI infrastructure. Major technology companies, including Meta, Microsoft, and Amazon, have reported increased investments in the construction of new data centers, which is driving up demand for memory components.

SanDisk shares rose 19% during trading on June 25. Since the beginning of 2026, they have already gained 861% (that is, they have soared more than ninefold), and over the past 12 months, they have risen by more than 4,700%.

Most Wall Street analysts share Citigroup’s optimism. According to MarketWatch, 22 of the 28 analysts covering the company recommend buying SanDisk shares (Buy and Overweight ratings), five more advise holding the shares in their portfolios (Hold), and one analyst has a Sell rating (a recommendation to sell).

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