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Matt Phillips4/9/26

Sandisk jumps as Bernstein raises price target to a Wall Street high of $1,250

Sandisk spiked Thursday as Bernstein boosted its earnings estimates for the company, with analysts raising their price target to $1,250 from $1,000, the most optimistic view of the 23 analysts polled by Bloomberg.

The gains come amid a fairly subdued day for broad indexes and other AI memory plays like Micron, Seagate Technology Holdings, and Western Digital.

Bernstein’s more bullish view comes after a surge in prices of NAND flash memory based on AI demand. (NAND flash is used for long-term data storage and is also a key input to consumer products like phones and other devices.)

“Memory prices continue to surprise to the upside with NAND showing the strongest increases and continued acceleration,” Bernstein wrote.

The analysts — led by Mark C. Newman — raised their base case for next fiscal year’s adjusted earnings per share by 58% to $144, from $91. (That new forecast now blows away the Wall Street consensus estimate of $94.07, per FactSet.) The new price target implies a gain of roughly 50% from where the stock is currently.

Bernstein analysts even threw out a “blue-sky scenario” price target of $3,000 for Sandisk, should an even more bullish scene play out for both earnings and market valuations.

Up nearly 250% this year, Sandisk has been the best-performing stock in the S&P 500. It reports earnings on April 30 after the close.

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Paige Oamek5/22/26

Hardware stocks jump thanks to server demand and record Lenovo revenue

Server stocks are rallying as Dell, Super Micro Computer, and Hewlett Packard Enterprise ride the momentum of Hong Kong-based Lenovo. The PC maker’s stock rose 19% on Friday, hitting an all-time high, on record Q4 earnings.

Powering the positive earnings report was the company’s AI-related revenue, which grew 84% in the fourth quarter and now makes up over a third of total revenue. Investors seem to think the increased demand for servers could have trickle-down effects for other companies.

“The company’s results and commentary reinforced the outlook for strong AI-infrastructure demand while indicating resilient broader traditional server and storage spending,” wrote Woo Jin Ho, a senior technology analyst at Bloomberg Intelligence. “Lenovo’s $21 billion AI-server pipeline and remarks that demand is outpacing supply support Dell’s AI-demand momentum and point to robust orders.”

AI’s insatiable computing demand is reshaping the hardware industry and driving up server demand.

Dell will report first-quarter earnings on Thursday, May 28.

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Ross Stores surges as Q1 results beat expectations, full-year guidance raised

Ross shares are rising after the company delivered strong Q1 results, with sales topping Wall Street’s projections.

The stock soared 6.3% just after the open.

Key numbers:

Earnings per share of $2.02 vs. $1.47 year over year (estimate: $1.72).
Sales of $6.01 billion, up 21% year over year (estimate: $5.61 billion).
Comparable sales growth of 17% (estimate: 8.58%).

CEO Jim Conroy attributed the results to better traffic in stores. “Customer traffic was the primary driver of the strong sales trend as compelling merchandise assortments, higher customer acquisition and engagement from our ongoing marketing initiatives, and an improved in‑store experience are resonating with shoppers.”

The company also noted that transaction volume grew across all key demographics, including “income levels, ethnicities, and age groups, including younger customers.” Sales were also likely buoyed by standard seasonal tailwinds, including consumer spending from tax refunds.

Backed by the strong quarter, the company lifted its full-year targets. Ross now projects same-store sales growth of 6% to 7%, up from the prior forecast of 3% to 4%, topping Wall Street’s estimate of 4.64%. It boosted its annual EPS guidance to a range of $7.50 to $7.74, versus the prior outlook of $7.02 to $7.36.

Ross Stores has been one of the retail sector’s standout performers this year, rising around 20% year to date as of Thursday’s close.

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