Memory Darlings MU, SNDK Surge Today – This Analyst Says AI Memory Trade Has Only Reached ‘Mid-Innings’

The commentary comes amid a broader rally in semiconductor and memory names, fueled by a media report that Intel received a substantial chip order from Google.

• Cantor Fitzgerald raised the price target on SanDisk and Micron and kept an ‘Overweight’ rating on both stocks.
• Bank of America and Mizuho were also among the analysts who revised their price targets for SanDisk.
• Thirty-nine of 44 analysts covering MU rate it a ‘Buy’ or higher; 18 out of 22 rate SNDK a 'Buy' or higher, per Koyfin data.

SanDisk (SNDK) and Micron (MU) shares were the talk of the town on Monday, rallying 7% and 11%, respectively, before midday amid a broader rally in chip and memory names fueled by a media report that Intel (INTC) received a substantial order from Alphabet Inc.’s (GOOG, GOOGL) Google for three million tensor processing units in 2028.

At the time of writing, shares of AMD (AMD) were up over 5%, Broadcom (AVGO) and Taiwan Semiconductor (TSM) about 4%, and Qualcomm (QCOM) and Nvidia (NVDA) were hovering just under 2%. Memory names Seagate (STX) and Western Digital (WDC) were up roughly 4%.

Cantor Sees Huge Upside For Memory Names

Amid the excitement around semiconductors and memory names, Cantor Fitzgerald assigned a $2,900 price target to SanDisk, up from $1,800, implying an upside potential of 86% as of the stock’s closing price on Friday. It also set a $1,500 price target on Micron, now implying a 74% upside potential.

Analyst CJ Muse believes the AI memory trade has only reached “mid-innings” and expects sustainable tailwinds for the companies as the world ushers into “a new AI-driven memory paradigm,” TheFly reported. Muse continued to maintain his bullish rating on both stocks at ‘Overweight.’

Positive Takes From The Rest Of Wall Street

Bank of America and Mizuho were also among Wall Street analysts who revised their price targets for SanDisk, while Wells Fargo increased it on Micron.

BofA analyst Wamsi Mohan maintained a ‘Buy’ rating and raised the price target to $2,100, implying a roughly 35% upside potential, on expectation of strong trends in pricing and continued robust demand for SNDK, per TheFly.

Mizuho analyst Vijay Rakesh maintained ‘Outperform’ and raised SNDK’s price target to $2,200, implying over 41% upside potential. “We continue to see AI as the driving force behind the supply-demand imbalance in the memory market, as we note increasing demand in 2027/28E could add further pressure to the market,” Rakesh said in a note that was seen by Seeking Alpha.

Wells Fargo said it sees continued upside on Micron driven by greater confidence in the duration of persistent memory tightness, SCA engagements, and the company’s execution. The firm’s new price target of $1,220 for MU implies 41% upside potential.

Wall Street continues to be largely bullish on both stocks, with 39 of 44 analysts covering Micron rating it a ‘Buy’ or higher, and 18 of 22 analysts covering SanDisk rating it a ‘Buy' or higher, according to Koyfin data.

What Retail Traders Think About SNDK, MU

On Stocktwits, retail sentiment toward SNDK remained in ‘bearish’ territory, while it was ‘bullish’ for MU over the last 24 hours.

One user on the platform said, “Cantor Fitzgerald just went full turbo on memory.”

MU stock has more than tripled in value so far this year, while SNDK has risen more than sixfold, outperforming the S&P 500 and the Roundhill Memory ETF (DRAM).

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