Sandisk (NASDAQ:SNDK) has been the best-performing company in the S&P 500 and Nasdaq 100 indices this year. It has soared by 800% since January, and is up by 4,755% in the last 12 months.
This surge has turned it from a small Western Digital (NASDAQ:WDC) spin-off into a $323 billion company. And in a recent note, a Bank of America analyst predicted that it has more upside to go.
Bank of America Analyst Predicts Sandisk Stock Has More Gains
Wamsi Mohan, a top BofA analyst believes that Sandisk’s shares have more gains to go in the near term. He argued that the company will benefit from its shift in strategy to multi-year contracts, which will help it prevent cyclical fluctuations in its revenue.
He also noted that it will have strong pricing power as demand for chips continues to rise. He boosted his target for Sandisk from $1,550 to $2,100, saying, “Reiterate Buy on valuation, beneficial joint venture partnership, share gains, and long-term potential for industry consolidation."
