Ben Reitzes raised his SNDK price target to $3,600, arguing SanDisk could return $100 billion to shareholders via buybacks over three years. SanDisk's 8 hyperscaler contracts guarantee $93.9 billion in minimum revenue over 4-plus years, signaling memory is shedding its commodity discount. With $11.5 billion in fiscal 2026 free cash flow and $15.5 billion in buyback authorization, SanDisk's $100 billion repurchase math is credible.
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Brutal cycles, no pricing power, capacity built at exactly the wrong moment. So when Melius Research's head of technology tells CNBC that a memory company can hand back roughly its entire pre-2026 market cap in buybacks over three years, the reflex is skepticism. The claim deserves better than a reflex.
On CNBC this morning, Ben Reitzes said SanDisk (NASDAQ:SNDK) could buy back roughly $100 billion of its own stock over the next three years, and lifted his price target to $3,600 after the company's analyst day. He values the shares at about 11 times earnings on his forward numbers. SanDisk currently trades around $1,613.45 with a market cap near $238 billion and a trailing P/E of roughly 21x.
The stock has gained 492% year to date, so the gap between the current price and Reitzes' target implies the market is only partway to pricing in what he sees. Reitzes' thesis centers on customer behavior more than on SanDisk's technology. "The largest customers are actually going back to folks like SanDisk and Micron saying, you know what, let's .
We cannot be caught short," he said, naming Google and Microsoft as examples. His view is that AI has rewritten the game: "Memory sort of got reinvented with the whole AI. The more memory you use, the better AI gets." He also credits CEO David Goeckeler personally, saying, "We think that Dave is doing a great job of really making that business model more predictable." That predictability has a specific name inside SanDisk.
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