SanDisk Corporation (NASDAQ:SNDK) shares are surging Thursday. Investors are positioning themselves ahead of the company’s fiscal third-quarter earnings report. The announcement is scheduled for after the closing bell on Thursday.
Analyst Notes Strengthening NAND Market
Wedbush analyst Matt Bryson highlighted a bullish outlook for the memory sector in a Wednesday note. Bryson set a price target of $1,200 for SNDK. He noted the company is “successful in lifting pricing at a faster rate than the broader industry.”
Pricing Beats Initial Guidance
Earlier guidance suggested a 55% pricing increase for the quarter. However, analysts now forecast a 65% uplift. Bryson noted that some industry checks suggest even higher gains. This trend is expected to push gross margins to approximately 67%.
Sentiment Lifted by Sector Peers
The storage sector is seeing broad strength. Positive earnings from Seagate Technology Holdings PLC (NASDAQ:STX) recently boosted investor confidence. The company has beaten earnings per share estimates for three consecutive quarters.
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Short Interest Creates Squeeze Potential
Short interest recently jumped from 8.06 million to 9.75 million shares. This represents 10.33% of the float. With high trading volume, any positive surprise on Thursday could trigger a rapid short squeeze.
SNDK Stock Price Activity: SanDisk shares were up 2.43% at $1090.02 at the time of publication on Thursday. The stock is trading near its 52-week high of $1102.99, according to Benzinga Pro data.
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