A number of Wall Street analysts, including Bernstein, have been raising their price targets on SanDisk as NAND pricing improves and enterprise storage demand picks up. The broader memory market also looks set to grow over the next few years, helped by server expansion, cloud growth, and AI workloads.

That said, some analysts’ price targets are already below where the stock is trading now, which suggests a lot of the good news may be priced in unless earnings keep beating expectations. Personally, I think SanDisk is probably past the early discovery phase, but the structural demand story is still very much alive. From here, upside likely depends more on execution and earnings than multiple expansion.