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Evercore ISI analyst Amit Daryanani issued a positive outlook on SanDisk, citing structural changes in the memory industry and setting a price target of $2,500.
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Sandisk stock surged 14.63% following CoreWeave's strong Q3 earnings report. CoreWeave, which builds AI data centers and purchases memory chips from Sandisk, beat analyst expectations on revenue and earnings while raising full-year 2026 guidance and committing $37-39 billion in capital investment. Analysts view Sandisk as undervalued at less than 7x trailing earnings and under 4x forward earnings.
CoreWeave (CRWV) jumped after third-quarter margins beat and a lighter funding plan, sparking a $500 billion rally in AI chip, memory and power stocks.
U.S. stocks mixed; Riskified surged 27.7% on strong Q3 results and raised FY26 guidance. Gevo, Fossil, PepGen and tech stocks also rallied.
SanDisk stock has collapsed by approximately 64-65% since June 2026, primarily due to increasing regulatory risk that spooked investors. The company is undergoing an 8-for-1 stock split on November 19, 2026. Despite the sharp decline, there is debate among analysts about whether this represents a generational buying opportunity or a value trap.
SanDisk stock has plummeted 65% from its June peak despite strong current financials driven by AI infrastructure demand and memory chip shortages. While the stock appears cheap at a P/E of 3.5, the author warns investors to avoid buying ahead of the November 19 stock split, citing the cyclical nature of the memory chip market. The author projects that when supply normalizes and pricing power diminishes, SanDisk's earnings could collapse significantly, making the stock potentially overvalued at current levels.
Cantor Fitzgerald and HSBC say the chip stock selloff is overdone, with the SOX at 9x 2028 earnings. Top picks include NVDA, MU, SNDK, ASML and AMAT.