If you told an investor at the start of 2026 that Sandisk (SNDK 11.37%) stock would hit $1,700 per share this year, they may have given you a funny look. After all, it entered the year at less than $250 per share. They may have been even more puzzled if you asked whether the stock could hit $3,000 in 2027. However, that target doesn't seem all that unreasonable.
Sandisk stock has been one of the best performers so far in 2026, but could that success continue into next year, leading to a $3,000-per-share stock price? Let's find out.
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Sandisk is thriving in the memory shortage
There always seems to be a shortage in the artificial intelligence (AI) build-out somewhere. In 2025, it was power. In 2026, the bottleneck appears to have shifted to memory chips. Memory chips are found all over a data center. There is memory in computing units, but that is mostly DRAM, which Sandisk isn't involved in. It produces NAND memory, which is also in short supply. NAND memory is primarily used in solid-state drives (SSDs). These are used as long-term storage for information, and are important to data centers because that's where information about the AI model and previous interactions is housed. With demand for NAND memory soaring, so is the commodity price. That has caused Sandisk's growth to spike, and there's seemingly no end in sight.
NASDAQ: SNDK
Key Data Points
In its latest quarter, revenue rose an impressive 251% year over year. Due to soaring prices, Sandisk's margins are also rapidly improving.
SNDK Gross Profit Margin (Quarterly) data by YCharts
This run is expected to continue, as Wall Street analysts project huge growth in the coming quarters. Next quarter, they estimate 332% revenue growth. For the rest of fiscal year 2026 (ending June 2026), analysts project 166% growth. For fiscal 2027, they project 116% growth. However, that's nothing compared to its earnings-per-share growth. The average analyst projects $175.62 in earnings per share by the end of fiscal year 2027 (ending June 2027).
If you price Sandisk's stock at a fairly reasonable 20 times earnings, that equates to a $3,512 share price in 2027. That's easily over the $3,000-per-share target and represents more than a double from today's levels. As a result, I think Sandisk stock can still go higher, even after its monster rise so far in 2026, and is among the best AI stocks to buy now.
