SanDisk Corp.'s stock soared 5.03% during Friday's intraday trading session, marking a significant upward movement for the memory chip maker.

The surge comes as memory chip stocks broadly rallied in morning trading, with sector peers including Seagate Technology and Micron Technology also posting gains. This sector-wide positive momentum provided a tailwind for SanDisk's shares.

Fundamentally, the move follows the company's exceptional fiscal third-quarter earnings report released after Thursday's close, where revenue more than tripled and profit soared dramatically, significantly exceeding analyst expectations. The company also secured long-term supply contracts worth at least $42 billion and announced a $6 billion share buyback program, initiatives aimed at countering the industry's traditional boom-bust cycles.

Adding to the bullish sentiment, multiple Wall Street analysts raised their price targets on SanDisk following the earnings report. Notable upgrades included Susquehanna doubling its target to $2,000, Bernstein raising its target to $1,700, and Raymond James lifting its target to $1,470. Analysts cited the company's outsized benefit from AI infrastructure spending, with NAND storage memory becoming increasingly crucial for artificial intelligence servers and data centers.