SanDisk Corp. (SNDK) surged 5.04% in pre-market trading on Friday, bouncing back from a sharp two-day selloff as RBC Capital Markets raised its price target on the memory-chip maker, defying a wave of bearish revisions from other Wall Street firms.

The upgrade comes after SanDisk reported fiscal fourth-quarter results that beat on both revenue and earnings but issued forward guidance that fell short of elevated market expectations. The company posted Q4 revenue of $8.97 billion, a 372% year-over-year surge, and adjusted EPS of $39.25, well above the $34.37 consensus. However, its next-quarter revenue guidance midpoint of $105.5 billion missed the $108 billion market expectation, triggering a flurry of target cuts from firms including Citi, Wells Fargo, and Jefferies.

RBC Capital Markets bucked the bearish trend by raising its price target on SanDisk from $1,000 to $1,300 while maintaining a Sector Perform rating, providing a sentiment boost that helped fuel the pre-market rally. According to FactSet data, analysts maintain an average Overweight rating on the stock with a mean target of $2,305.39, suggesting continued long-term confidence in the company despite near-term guidance concerns.