SanDisk Corp. (SNDK) stock is soaring 5.09% in pre-market trading on Monday, following a positive analyst note from Morgan Stanley. The investment bank has raised its price target on SanDisk shares to $273 from $263, while maintaining an "Overweight" rating on the stock.

The updated price target represents a significant premium to SanDisk's previous closing price and signals strong confidence in the company's future performance. Morgan Stanley's bullish stance aligns with the broader analyst consensus on SanDisk, as the stock currently holds an average rating of "overweight" with a mean price target of $267.31, according to FactSet data.

This upward revision in price target comes at a time when the memory chip industry is experiencing robust demand, driven by the growing needs of data centers, smartphones, and other electronic devices. Investors appear to be reacting positively to the news, as evidenced by the pre-market surge in SanDisk's stock price. As the market opens, all eyes will be on SanDisk to see if it can maintain this momentum throughout the trading session.