Shares of SanDisk Corp (NASDAQ:SNDK) are climbing 6% to trade at $1,620.80, enjoying an upgrade from J.P. Morgan Securities to "overweight" from suspended alongside an aggressive price target to $2,250. This bull note comes on the heels of the memory company's Investor Day, where outlined strong revenue growth between 2028 and 2030.
SanDisk shares have been on a tear up the charts, rising 583% since the start of the year. Today's pop has the equity breaking above the overhead $1,600 mark, a familiar level of resistance for the shares.
Analysts have been betting big on SNDK, with 20 of the 23 in coverage sporting a "buy" or "strong buy" recommendation. Even further, the average 12-month price target of $2,033.72 represents a 25% premium to current trading levels.
Options traders are moving in following today's upgrade, with 168,000 calls and 96,000 puts across the tape so far. This is triple the average options volume typically seen at this point, with the most activity at the weekly 8/14 1,650-strike call and 1,700-strike call from the same series.
Lastly, SNDK carries a Schaeffer's Volatility Scorecard (SVS) of 87 out of 100. This suggests the stock has consistently realized higher volatility than its options have priced in.
