SNDK and MU Stocks Rise on Analyst Upgrades and KOSPI Rebound

SanDisk Corp. and Micron Technology rose sharply in overnight trading ahead of Monday, with SNDK advancing 6% and MU gaining 3.6%. The gains followed a week in which SNDK rose 35.4% after unveiling an ambitious growth outlook through fiscal 2030 at its investor day event, attracting multiple analyst price target hikes, while MU gained nearly 11%. Memory stocks, which dipped from records in June, are seeing fresh momentum as the second-quarter earnings season nears close, supported by strong cloud growth reported by Big Tech firms and continued data center buildout.

South Korea's KOSPI rose 2.4% on Monday. The index is heavily weighted toward chipmakers Samsung Electronics and SK Hynix and influences trading in U.S. memory stocks. The Roundhill Memory ETF (DRAM) rose 4.6%.

Analysts Raise Price Targets on SNDK and MU

Last week, SanDisk said it expects mid-to-high-teens revenue growth and elevated margins, supported by BiCS10 QLC and High Bandwidth Flash technology aimed at AI workloads. The company pledged to return excess cash to shareholders through buybacks and dividends.

RBC Capital Markets raised its price target on SNDK to $1,600, while Wells Fargo lifted the target to $1,550. Both firms retained neutral ratings, citing stronger long-term growth and margin targets, confidence in the company's new business model pricing, and a favorable outlook.

New Street upgraded Micron's rating to Buy from Neutral with a $1,250 price target. The research firm said Micron's cost of goods sold improvement shows the improving economics of the industry with strengthening profitability and through-cycle cash generation. It forecasted that Micron will have over $600 billion in cash and more than $150 billion in annual free cash flow, with memory demand ramping up even further in the coming years.

Retail Traders React to Memory Stock Surge

At the time of writing, SNDK and MU were among the top 10 trending stocks on Stocktwits.

"$MU A re rating was overdue. Don't be surprised by this move. The stock was severely undervalued and applied a cyclical PE ratio. It is now being re-rated to the correct PE ratio... The runway is long: Inference, Agentic, Robotics," a trader wrote.

"$SNDK setup looks extremely bullish, strong upside loading," said another trader.

Year to date, SNDK is up 591%, while MU has gained 241%.

FAQ

What caused SNDK and MU stocks to rise overnight? SNDK rose 6% and MU gained 3.6% in overnight trading ahead of Monday, driven by analyst price target hikes following SanDisk's investor day event and a 2.4% rise in South Korea's KOSPI index.

What price targets did analysts set for SNDK and MU? RBC Capital Markets raised its SNDK price target to $1,600, Wells Fargo lifted it to $1,550, and New Street upgraded MU to Buy with a $1,250 price target.

How have SNDK and MU stocks performed year to date? Year to date, SNDK is up 591%, while MU has gained 241%.