SanDisk (SNDKV) Poised for Earnings Surge as AI Drives NAND Demand, Bernstein Ups Target to $580

SanDisk (SNDKV-US) is set to report Q2 FY2026 results amid surging AI-driven NAND demand and tightening supply, with Bernstein maintaining an “outperform” rating and raising its price target to $580 — implying 20% upside from Wednesday’s $481.42 close. AI adoption, particularly NVIDIA’s Vera Rubin architecture, has quintupled NAND needs per GPU. Combined with data center buildouts, this fuels exponential storage demand. Supply remains constrained due to extended fab lead times and prioritization of high-end chips. SanDisk’s Q2 NAND ASPs are forecast to rise 14% QoQ, driving non-GAAP EPS to $3.79 vs. consensus $3.45. Historically, beats trigger rallies: SanDisk jumped 15% last November on strong guidance; Micron rose 10% after its EPS surprise. Bernstein projects Q3 ASP gains of 40% could lift EPS to $9.06, with FY2027 EPS reaching $67.50. Risks include cyclicality, disclosure opacity, and AI adoption delays.