SanDisk stock drops 11% after $750–$1,000 targets pile up on AI memory demand
SanDisk shares fell 11.2% to $617.88 Wednesday morning, reversing part of a recent rally fueled by bullish analyst upgrades and strong earnings. The drop followed a surge of over 16% Monday after SanDisk reported Q2 revenue of $3.03 billion and projected Q3 revenue up to $4.8 billion. Trading volume hit 30.7 million shares Tuesday, 63% above average. SanDisk recently extended its supply deal with Kioxia through 2034.