SanDisk ( SNDK ) will release its financial report for the first quarter of fiscal year 2027 on Thursday, October 29th. Despite a 27% decline over the past month due to concerns regarding AI transactions, the SNDK stock price has still risen by nearly 450% so far this year. SanDisk has benefited from strong demand for NAND flash memory driven by AI, as well as high prices resulting from limited supply.

Before the release of the financial report for the first quarter of fiscal year 2027, Wedbush analyst Matt Bryson reiterated his "buy" rating for SNDK stock, with a target price of $2,000.

Bryson ranks 14th among more than 12,500 analysts tracked by TipRanks. His success rate is 72%, and the average return on each rating over the past year was 84.2%.

Meanwhile, Wall Street expects SanDisk to report earnings per share of $46.67 for the first quarter of fiscal year 2027, a significant increase from $1.22 in the same period last year. Revenue is expected to grow by 364% to $10.72 billion.

Wedbush's expectations for SanDisk's first-quarter report

Before storage and memory companies release their financial reports, Bryson indicated that data for the third and fourth quarters of 2026 show that "the supply and demand situation remains extremely healthy." This analyst noted that in the third quarter of 2026, the prices of DRAM and NAND contracts rose by about 20% to 30%, and it is expected that there will be another mid-tens percent increase in the fourth quarter of 2026. Bryson mentioned that the construction of new generation advanced model data centers, as well as neocloud procurement, have brought about additional demand.

The analyst raised his revenue and profit forecasts for SanDisk for the first quarter of fiscal year 2027, citing a 20% to 30% increase in prices in the third quarter of 2026. Bryson still believes there is room for growth in the second quarter of fiscal year 2027, although he made minor adjustments to his assumptions to reflect his expectation that the average NAND contract price will rise by a mid-tens of percentage points in the fourth quarter of 2026.

Bryson referred to SK Hynix (SKHY) as the "preferred target in terms of valuation." He noted that after the recent round of selling, SNDK's stock price was approximately 5.5 times its estimated earnings per share for the fiscal year 2028, with the transaction multiple roughly approaching the levels seen by memory companies at previous cycle highs.

SNDK is it worth buying?

Before the financial report for the first quarter of fiscal year 2027, Wall Street's consensus rating for SanDisk stock was "strong buy," based on 15 buy ratings and 2 hold ratings. The average target price for SNDK stock is $2,205.59, which represents a potential increase of 69% from the current level.