SNDK Holds $1,192 as Goldman Sachs Doubles Its Target From $700 to $1,200

Goldman Closes the Bear Gap

The cleanest signal in today's tape is that Goldman Sachs analyst James Schneider lifted the firm's SNDK price target to $1,200 from $700, keeping a Buy rating. Goldman had spent most of the cycle as the more measured voice on Sandisk — the firm was the one telling clients to expect the stock to be range bound:+We+expect+the+stock+to+be+range+bound/26408492.html) earlier in the run. Nearly doubling the target is, in practice, the model admitting it was wrong. That now puts the visible analyst stack at Goldman $1,200, Wells Fargo $975, Bernstein $1,700, and Cantor at $1,800 — every recently-updated note now sits at or above where the equity is trading, and the spread between the most cautious target and the highest one is over $800.

What Friday's Tape Actually Looked Like

The 24h move on the HIP-3 perp doesn't capture how the equity printed it. SNDK opened down about 5% before grinding back to close up roughly 8.2% — a full ~13-point round trip in a single session on a stock that is already up over 3,100% on a 52-week basis and more than 17% in the last five days alone. The xyz:SNDK perp tracked it on $34M of 24h volume on Hyperliquid. The pattern matters: the morning fade was profit-taking on a stock that has gone parabolic, and the bid that absorbed it came from the same flow that has been chasing every dip since the earnings print — namely funds repositioning into NAND exposure now that the sell-side modeling has been reset higher.

Seagate Handed the Storage Complex a Tailwind

The other piece of the move that doesn't show up in Sandisk's own filings is sector confirmation from Seagate. STX reported fiscal Q3 on April 28 with revenue of $3.11B (+44% YoY), record 47% non-GAAP gross margins, and Q4 guidance of $3.45B and $5.00 in non-GAAP EPS. That print does two things for Sandisk's stock. First, it ratifies that AI-driven storage demand is a multi-quarter pricing event, not a one-name story — Seagate sells HDDs, Sandisk sells NAND, and both are seeing the same cloud and hyperscaler buying behavior. Second, it reinforces the contract-stack thesis that drove Sandisk's own Q3 of $5.95B in revenue (+251% YoY) with adjusted gross margin near 78% and a Q4 guide of $7.75–$8.25B. Goldman's note isn't pricing Sandisk in isolation — it's pricing Sandisk after a sector peer just told the market that the demand curve is real.