SanDisk Corp. (SNDK) shares surged 5.11% in intraday trading, demonstrating strong investor confidence despite a mixed analyst update. The stock's impressive rally comes on the heels of Morgan Stanley's latest research note, which reaffirmed a bullish stance on the memory chip maker.

Morgan Stanley analyst Joseph Moore maintained a Buy rating on SanDisk, signaling continued optimism about the company's prospects. However, the firm did adjust its price target downward from $84 to $70. Despite this reduction, the new target still implies significant upside potential from current trading levels, which likely contributed to the positive market reaction.

The stock's robust performance in the face of a lowered price target suggests that investors are focusing on the overall bullish sentiment rather than the specifics of the valuation adjustment. This upward movement may also indicate that the market had previously priced in concerns about SanDisk's near-term outlook, and the maintained Buy rating has reassured investors about the company's longer-term potential in the competitive technology sector.