Wedbush Securities issued a research report on Wednesday, significantly increasing its price target for SanDisk Corp. from $740 to $1200, a 62% raise, while maintaining its "Outperform" rating on the stock.

Analyst Matt Bryson noted in the report that the target price adjustment is primarily based on two key factors: better-than-expected conditions in the NAND flash memory market for the current quarter, and a more optimistic price trajectory for the second quarter than previously anticipated. Bryson indicated that discussions with industry channels revealed that SanDisk has been more successful than the broader sector in implementing product price increases, with its pricing adjustments outpacing the market average.

However, Bryson also cautiously noted that, relative to overall trends in the end market, the firm's profit forecasts remain conservative.

Wedbush Securities, founded in 1955 and headquartered in Los Angeles, is a well-known privately-held financial services company with operations spanning wealth management, investment banking, and securities research.

SanDisk is scheduled to report its fiscal 2026 third-quarter earnings after the market closes on Thursday. Market expectations are for a strong performance, with Wall Street analysts forecasting quarterly revenue of approximately $4.69 billion and earnings per share of around $14.45.