Barclays upgraded Sandisk to overweight from equal weight.

Sandisk shares have rallied astronomically over the past year, but they've still got considerable room to run, according to Barclays. The bank upgraded the memory name to overweight from equal weight. It also raised its price target on shares to $2,300 from $1,200, implying 45% upside from Tuesday's close. "We see Memory/Storage as the most attractive vertical below accelerators," analyst Tom O'Malley said Tuesday in a note to clients. "We note continued upside to pricing with supply/demand imbalance persisting through [2027] & discuss below how the changes in contracts transform the nature of the next several years in the industry." Sandisk stock has skyrocketed 4,063% over the past 12 months amid a surge in memory demand. And the data storage devices firm is likely to add to those gains as memory hardware supplies remain constrained. SNDK 1Y mountain Shares are up more than $4,000 over the past 12 months. Sandisk has laid out a new business model to capitalize on the strong demand for memory, laying out clear remaining performance obligations and financial guarantees loaded with prepayments, according to Barclays. "These are the most desired contract types in the ecosystem today, giving customers supply visibility and SNDK guaranteed revenue and more confidence in their market outlook. We think this type of contract fundamentally changes the way memory players can decide and allocate business, making their environment much more secure and protected on the downside," O'Malley added. The bank's call falls in line with consensus on the Street. Of the 22 analysts covering Sandisk, 18 have a buy or strong buy on the stock, LSEG data shows. Shares gained nearly 6% in the premarket following the upgrade.

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