SanDisk stock (NASDAQ: SNDK) opened Monday’s trading session at $1,436 after falling more than 10% on Friday. The leading high-bandwidth memory (HBM) manufacturer has crashed nearly 30% in a month and shed close to 615 points. The AI sector saw sharp corrections in July as companies increased their capital expenditure to build their infrastructure. Alphabet’s Google stock fell to the $319 level despite robust revenues during the latest earnings call. The slump came after Alphabet announced it would increase its capex on AI from $180 billion to $215 billion for 2026.
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SanDisk Price Prediction: Wells Fargo Hikes SNDK Target
On the heels of the ongoing price dip, leading global investment bank Wells Fargo has urged institutional clients to begin accumulating SanDisk stock. In a note sent to clients last week, the banking giant wrote that SNDK could rise double digits next. This makes the equity a must-watch, as the upside trajectory is higher. Taking an entry position now, even at the $1,430+ level, or buying the dips could still be beneficial to traders.
Wells Fargo’s Technology Analyst Aaron Rakers maintained his hold rating for SanDisk stock. The analyst hiked his SNDK price target and predicted that the equity could reach $1,620. That’s an uptick and return on investment (ROI) of approximately 13% from its current price of $1,436. Therefore, an investment of $1,000 could turn into $1,130 if the price prediction turns out to be accurate and reaches the mentioned target.
SanDisk stock has seen several slumps in a year, but has managed to scale up when the market recovers. The only thing that keeps its price up is that the AI sector is growing by leaps and bounds. The demand for its products is high and would continue to be until the end of the decade, in 2030. Buying SNDK at its lows could help traders open a window to make bigger gains. Holding on for the next five to 10 years would make the invested amount deliver robust gains.