Sandisk Corporation shares rose more than 3% on Monday after Goldman Sachs increased its price target by 80%, citing robust artificial intelligence demand.
The investment bank raised its target to $2,200 from $1,200 while keeping a Buy rating, according to TradingView.
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Sandisk stock has surged nearly 635% year-to-date in 2026, driven by tight supply conditions and soaring AI-related memory demand.
The company benefits from a massive spike in solid-state drive usage in data centers, as AI applications require vast storage for training and inference processing, Yahoo Finance reported.
This supply shortage has pushed memory prices, revenues, and earnings sharply higher.
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Sandisk's valuation recently adjusted to 9.3 times forward earnings after its new fiscal year began on July 1, reflecting higher projected profitability.
Market experts expect tight memory market conditions to persist for years. According to Micron, corporations anticipate supply constraints continuing beyond calendar 2027, sustaining strong demand.
However, analysts at Seeking Alpha point to risks including industry cyclicality, potential global oversupply, and the possibility of Apple legitimizing competing Chinese DRAM suppliers.
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Sandisk's upcoming August earnings report will be closely watched for further signs of AI-driven growth.
