Sandisk's Results and Outlook Soar Past Estimates. Its Rally Isn't Stopping.

One of the hottest stocks of 2026 is extending its record run.

Sandisk (SNDK) shares, up 13% in recent trading, have more than doubled this year. The storage device maker reported quarterly earnings and forecasts stronger than analysts had forecast, helping drive the shares higher and making them one of the day's top gainers in the S&P 500.

Fiscal second-quarter revenue came in at $3.03 billion, while adjusted earnings per share was $6.20, each well above the analyst consensus compiled by Visible Alpha. Sandisk expects current-quarter revenue of $4.4 billion to $4.8 billion, with adjusted EPS projected to come in between $12 and $14. Analysts had pegged those latter metrics at $3 billion and $5.42.

"The critical role that our products play in powering AI and the world’s technology is being recognized," CEO David Goeckeler said.

Sandisk and other hardware makers have seen their stocks soar in recent months. Investors see them as key beneficiaries of the AI boom, with big tech companies spending hundreds of billions on the equipment needed for AI data centers. Sandisk in its latest results said its data center revenue grew 64% from the first quarter, and 76% year-over-year.

The stock got a boost when it was added to the S&P 500 late last year. It has continued to surge this year amid a rally for hardware makers.

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Four of the five analysts with current ratings tracked by Visible Alpha call Sandisk stock a "buy," along with one "hold" rating, with the stock expected to continue rising; the average target price of $725 represents about a 35% premium to Thursday's close.

Bank of America lifted its target to $850 after the results landed. "Demand," its analysts wrote, "continues to outpace supply."

Some other memory stocks were falling Friday. Western Digital (WDC) and Seagate (STX) were both down substantially, perhaps indicating some profit-taking in the red-hot sector. Both companies' shares have still easily posted double-digit gains for the year.