The Tradr 2X Long SNDK Daily ETF (SNXX) surged 8.12% in pre-market trading on Monday, continuing its recent rally as the leveraged ETF tracking SanDisk benefits from bullish analyst sentiment and strong industry tailwinds.

Multiple Wall Street banks issued aggressive target price upgrades for SanDisk, with Barclays upgrading the stock from equal-weight to overweight and raising its target from $1,200 to $2,300. Mizuho lifted its target from $1,625 to $1,825 while maintaining an outperform rating, and Susquehanna raised its target from $2,000 to $3,250 with a positive rating.

The broader memory sector surge is being driven by unprecedented demand for memory components from AI data center buildouts, leading to supply shortages and price hikes. Nvidia's recent earnings beat further confirmed strong AI chip demand, reinforcing bullish sentiment across the storage sector. SanDisk shares have gained over 523% year to date, making it one of the largest beneficiaries of the current industry upcycle.