Goldman Sachs has significantly increased its price target for SanDisk (NASDAQ: SNDK), reinforcing its bullish outlook on the semiconductor company amid expectations of stronger earnings growth driven by improving NAND flash memory pricing.
The investment bank has maintained its “Buy” rating while raising its target price to approximately $2,200 for 2026, implying an upside of around 18% from SanDisk’s July 9 closing price of $1,858.27, according to Yahoo Finance. The revised target reflects growing confidence in the company’s earnings potential rather than an expansion in valuation multiples.
SanDisk has emerged as one of the standout performers in the U.S. equity market this year. According to SlickCharts, the company is the best-performing stock in the S&P 500 in 2026, delivering a year-to-date gain of more than 700%, significantly outperforming other technology and semiconductor peers.
Earnings Expectations Drive the Upgrade
Goldman Sachs revised outlook is based on a substantial increase in its earnings estimates for the company. The firm now projects SanDisk’s non-GAAP earnings per share for calendar year 2026 to be more than 30% higher than the broader market consensus, highlighting a widening gap between its expectations and those of other analysts.
Notably, Goldman revised its valuation methodology by lowering its earnings multiple from 22x to 20x while simultaneously increasing its earnings forecast. The move indicates that the higher price target is being driven primarily by stronger anticipated profitability rather than a richer market valuation.
According to the firm’s analysis, the earnings revision reflects improving fundamentals across the NAND flash memory market, with pricing trends expected to remain favorable in the coming quarters.
Focus Shifts to Upcoming Results
Investor attention is now turning to SanDisk’s upcoming quarterly earnings announcement, scheduled for August 5, where analysts expect the company to provide further clarity on demand trends, pricing, and long-term supply agreements.
Goldman Sachs believes the company is well-positioned to deliver results and guidance that exceed current market expectations. The firm also expects management’s commentary on NAND pricing and customer contracts to attract significant investor interest, particularly following the recent positive outlook shared by memory chipmaker Micron.
As demand for storage solutions continues to grow across artificial intelligence, cloud computing, and enterprise applications, Goldman Sachs believes SanDisk is benefiting from favorable industry dynamics that have yet to be fully reflected in broader market estimates.
With its upgraded price target and higher earnings forecasts, the investment bank signals continued confidence in SanDisk’s ability to capitalize on improving market conditions and sustain its momentum into 2026.
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