SanDisk Plunges 11% in Rout as Memory Stocks Tumble — $2,000 Target Holds Firm

Written by: Olumide Adesina • Tuesday, June 23, 2026 • 1 min read

• Last updated: Tuesday, June 23, 2026

The Nasdaq added Sandisk and the S&P 500 will add it later this year.

Quick overview

SanDisk's stock is down 11% amid a broader correction in the memory and semiconductor sector, affecting major players like Micron and Western Digital.
Despite the recent pullback, SanDisk has seen an explosive post-spinoff run, with its stock rising over 5,900% from a 52-week low to an all-time high.
Analysts remain bullish on SanDisk, with target prices set around $2,000 to $2,350, driven by strong demand for high-capacity NAND flash memory and SSDs for AI data centers.
The company's latest quarterly revenue reached $5.95 billion, a significant increase, and management has provided aggressive guidance for future revenue growth.

SanDisk is down 11%, though it isn’t bleeding alone today. The entire memory and semiconductor sector is experiencing a sharp correction. Heavyweights like Micron (MU), Western Digital (WDC), and Lam Research (LRCX) are all down between 7% and 11% in a broader market rotation.

Sandisk stock is climbing after an S&P 500 announcement.

SanDisk ( SNDK ) has put up one of the most explosive post-spinoff runs in recent market history. After officially separating from Western Digital, the stock skyrocketed over 5,900%, moving from a 52-week low of just $40.10 to an all-time high of $2,354.39.

The stock has experienced a healthy pullback and is trading in the $1,950 to $1,980 range as the broader chip sector cools down from overextended highs.

Multiple bullish analysts have set or raised targets around $2,000 (or higher, up to $2,350–$2,300 in some cases) even after the run-up. Examples include:Susquehanna (most bullish earlier, doubling to $2,000).Others like Bank of America (~$2,100), Barclays, Citi, and M

The immense surge in stock value is primarily driven by skyrocketing enterprise demand for high-capacity NAND flash memory and solid-state drives (SSDs) tailored for AI data centers. SanDisk’s latest quarterly revenue hit $5.95 billion (a 97% sequential increase), with datacenter revenue skyrocketing 233%.

Western Digital agreed to swap its final remaining block of roughly 1.04 million shares of SanDisk stock. The completion of this transaction on June 22 removed a lingering equity overhang, boosting investor confidence that no further major institutional dump of shares is on the horizon.

: Wall Street is highly bullish after management provided aggressive fiscal fourth-quarter guidance, projecting revenue between $7.75 billion and $8.25 billion. This signals that premium memory pricing power isn’t slowing down anytime soon.

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ABOUT THE AUTHOR See More

Olumide Adesina

Financial Market Writer

Olumide Adesina is a French-born Nigerian financial writer. He tracks the financial markets with over 15 years of working experience in investment trading.