SanDisk Soars Past 500% Gain as JPMorgan Sees 47% More Upside

SanDisk's stock has surged past 500% gain in 2026 after JPMorgan resumed coverage with an Overweight rating and a $2,250 price target. The flash memory maker's new business model, which includes eight long-term agreements worth approximately $94 billion at floor pricing, is seen as a key driver of the company's growth.

JPMorgan analyst Harlan Sur believes that SanDisk is uniquely positioned to capture the ongoing structural inflection in NAND demand driven by rapid growth in AI inference. The company's new business model has fundamentally transformed its margin profile, with gross margins expected to remain around 80% even at floor pricing tier.

The stock has gained roughly 544% year-to-date, making it one of the strongest performers in the entire market. JPMorgan projects the NAND total addressable market will expand from approximately $70 billion in calendar 2025 to more than $300 billion in 2026, with SanDisk management targeting nearly $500 billion in 2027.