SanDisk Corp. (SNDK) shares rose more than 10% on Thursday. The stock reached a price of $1,543.44.
Citigroup reiterated its buy rating and raised its price target to $2,025 from $1,300. Analyst Asiya Merchant identified persistent enterprise SSD shortages as a key driver. SanDisk also announced a $6 billion share buyback program.
Broader industry trends supported the rally. A potential union strike at Samsung Electronics signaled a tightening global NAND memory market. Strong earnings from Nvidia further boosted optimism for AI-driven data center demand.