A recovery with a large gap to the peak
SanDisk's recent gains have reversed some of its losses, but the stock remains far below the $2,354.39 all-time high it reached on June 22, according to wallstreetONLINE's November 13 report.
Daryanani reaffirmed his target in a November note following meetings with SanDisk management. Evercore also maintained its bullish rating, which TipRanks reported as Buy.
The broader analyst consensus is also positive. As of mid-November 2026, TipRanks counted 13 Buy ratings and three Holds, giving SanDisk a Strong Buy consensus. Its average price target was $2,112, with implied upside of about 125.3%.
CoreWeave results helped drive the rally
Investing.com attributed the mid-November recovery in SanDisk and other memory stocks to CoreWeave's third-quarter results. CoreWeave's revenue rose roughly 168% from a year earlier to $3.661 billion. The company raised its full-year 2026 capital-spending outlook to between $37 billion and $39 billion and lifted its revenue guidance to between $13 billion and $13.3 billion.
CoreWeave also disclosed an agreement spanning multiple years with Solidigm that gives it priority access to enterprise SSD capacity.
SanDisk's own fiscal first-quarter figures were consistent with the memory price-increase trend, Investing.com noted. The company reported a 61% quarter-over-quarter rise in data-center revenue to $4.8 billion, along with an operating margin of nearly 80%.
Supply discipline and longer-term contracts underpin Evercore's view
Evercore's investment case centers on what it sees as a structural change in the NAND market. Rather than maximizing utilization, suppliers are adjusting output to demand. SanDisk management told Daryanani that NAND prices had risen sequentially for about six quarters, versus roughly two quarters historically.
Daryanani also highlighted SanDisk's multiyear "new business model" (NBM) agreements. These contracts combine committed demand with minimum and maximum prices and financial guarantees. About 50% of fiscal 2027 bits and 67% of fiscal 2028 bits are under contract, with guarantees totaling nearly $16.5 billion.
Beyond those agreements, Daryanani identified AI-driven inference demand and high-bandwidth flash (HBF) as growth opportunities. He expects HBF to improve deployment economics over time by reducing reliance on DRAM and HBM.
