- SanDisk Corp. (NASDAQ: SNDK) could climb to $3,000 per share within the next two years, according to World Trade Securities CEO Nicholas Mugalli, who believes growing demand for AI data storage and long-term customer commitments could support substantial earnings growth.
Mugalli told Benzinga that SanDisk has further upside potential, pointing to projected revenue growth and the company’s longer-term profitability targets.
SanDisk closed Monday, October 12, at $1,487.33. A rise to $3,000 would represent an increase of approximately 102% from that closing price. Mugalli’s investment horizon is 24 months, placing the potential target around October 2028 rather than in the coming weeks or months.
The forecast depends on several assumptions about future earnings. Mugalli estimated that SanDisk could generate approximately $330 in earnings per share under a scenario based on Mizuho’s fiscal 2030 revenue projection of more than $80 billion and SanDisk’s long-term financial framework, which calls for non-GAAP operating margins of approximately 75%.
At $3,000 per share, that earnings estimate would imply a price-to-earnings multiple of about nine times. However, the $330 figure is Mugalli’s estimate, not SanDisk’s reported earnings or company-issued guidance.
AI Storage Demand and Customer Commitments Support the Forecast
SanDisk supplies NAND flash memory and storage products used in consumer devices, enterprise systems and data-center infrastructure. As AI workloads expand, storage capacity and data movement are becoming increasingly important alongside processors and high-bandwidth memory.
The company’s potential growth is part of a broader semiconductor investment cycle in which demand is spreading beyond graphics processors to memory and storage suppliers. Interestingly, semiconductor earnings trends show how AI infrastructure spending is supporting multiple parts of the chip supply chain, although strong demand does not guarantee that every stock will meet investor expectations.
Mugalli said SanDisk has already secured customer commitments covering about half of its fiscal 2027 bits and roughly two-thirds of its fiscal 2028 bits. The figures refer to the volume of memory bits covered by customer arrangements, giving the company greater visibility into future demand.
He described SanDisk’s customer-contract position as a source of potential advantage, arguing that its agreements provide a clearer picture of future business than investors may find elsewhere in the memory market.
Mugalli also highlighted high-bandwidth flash, or HBF, as a possible additional opportunity. The technology could offer another route for SanDisk to benefit from the evolving memory requirements of AI systems, although its commercial contribution remains uncertain.
Memory demand is also benefiting other suppliers. Micron Technology’s earnings and customer commitments illustrate how AI infrastructure investment is influencing expectations for the wider memory industry.
Still, the sector remains cyclical. Memory prices can change as supply expands or demand weakens, and manufacturers must invest heavily to increase production capacity. Any slowdown in AI infrastructure spending or improvement in memory supply could affect pricing and profitability.
SanDisk Earnings Report Will Be the Next Test
SanDisk is scheduled to report its fiscal first-quarter results on October 29. Analysts surveyed by Benzinga expect earnings of $46 per share on revenue of $10.67 billion, compared with $1.22 per share and $2.31 billion in revenue in the year-earlier quarter.
Those estimates point to substantial expected growth, but the company’s results and forward guidance will help determine whether demand and pricing are developing in line with market expectations.
SanDisk shares have already experienced a dramatic rally. The stock was up more than 500% year to date through October 12, according to Benzinga’s market data, leaving it vulnerable to sharp reactions if earnings or guidance disappoint.
Mugalli’s $3,000 target is also well above the average analyst price target. Benzinga’s analyst data showed a consensus target of approximately $1,651, while other analysts have published targets ranging from around $2,000 to $3,000 or more. These forecasts reflect differing assumptions about AI-related demand, memory pricing and future profitability.
The contrast between the consensus and Mugalli’s outlook highlights the uncertainty surrounding SanDisk’s valuation. A stock can benefit from strong industry demand while still falling if its results do not justify the expectations already reflected in its share price.
For investors, the October 29 earnings report will offer a near-term measure of SanDisk’s operating performance. Whether the stock eventually reaches $3,000 will depend on earnings growth, customer demand, memory-market conditions and the company’s ability to maintain its profitability as the AI storage market evolves.