SanDisk (SNDK 1.93%) stock is posting another day of strong gains in Wednesday's trading and has set a new all-time high. The company's share price was up 5.1% as of 12:15 p.m. ET. Meanwhile, the S&P 500 was down 0.6%, and the Nasdaq Composite was off 0.3%.
SanDisk is gaining ground thanks to the publication of a new bullish analyst note. The company's share price is likely also getting a boost from new research covering the memory chip industry.
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Morgan Stanley raises price target on SanDisk
Before today's market open, Morgan Stanley published new coverage on SanDisk and reiterated its overweight rating on the stock. The investment firm also raised its price target on the stock from $1,100 per share to $1,750 per share and cited the very strong demand outlook in the memory market as a central reason for the big target increase. As of this writing, SanDisk stock has actually surpassed the investment firm's new price target.
NASDAQ: SNDK
Key Data Points
This research firm sees a bullish outlook for memory tech
After the market closed yesterday, CounterPoint Research published a new report on the state of the NAND memory market for artificial intelligence applications. While the research firm said that Samsung continued to have leadership in the category and that SK Hynix commanded second-place positioning, it listed SanDisk as one of a handful of companies credibly competing for the third-place spot. Even though SanDisk isn't currently leading the market, the strong overall growth outlook suggests the company could still score big wins.
