Sandisk stock is on a hot streak and may finally be getting its mojo back.

The shares are on a five-day winning streak through Friday, jumping 35% in that time. The strong run looks set to continue with the stock rising more than 5% to $1,725 in premarket trading.

Yet, it's still more than 25% down from its record closing high of $2,335 on June 25.

Sandisk was moving in tandem with other memory stocks, including Western Digital, Seagate, and Micron ahead of the open Monday. Commerce Secretary Howard Lutnick urging Apple not to buy memory chips from China, may be helping matters. Lutnick said in an interview that the message had been relayed to Apple "plainly," The Wall Street Journal reported.

The prospect of the China threat receding is encouraging for U.S. memory-related names.

But for Sandisk, there are a few other factors behind its winning run. It unveiled bold long-term plans at its investor day last week -- expecting revenue to grow by mid-to-high teen percentages annually between the 2028 and 2030 fiscal years. It also forecast margins to stabilize around 80% during that period.

That quickly allayed fears about the memory market reaching its peak.

Sandisk is optimistic and so are analysts.

J.P. Morgan resumed coverage of Sandisk with an Overweight rating and a $2,250 price target on Friday. Analyst Harlan Sur said the company was "uniquely positioned" to capture the continuing structural inflection in demand for NAND flash memory, driven by "rapid growth in AI inference."

Wedbush analyst Matt Bryson reiterated his Outperform rating and $2,000 price target despite saying he "retains some skepticism" around many of the points made at Sandisk's investor day. "Specifically, we believe memory will again prove to be cyclical," he added.

However, he added that Wedbush's estimates likely understate Sandisk's 2028 earnings power, also noting that the company plans to buy back a significant amount of stock over the next few years.

The average price target on the stock is $2,210, implying a 35% rise from Friday's closing price and 81% of analysts covering the shares rate them Buy. That's the highest Buy-rating ratio since it was spun off from Western Digital last year.