Sandisk (SNDK) Added to Nasdaq 100 as Wells Fargo Raises Price Target

TLDR

• SanDisk joined the Nasdaq 100 on Monday but fell 1.6% to $906.48 in pre-market trading.
• This decline comes after a 12% rise last Monday when the index’s inclusion was announced
• Broader market pressures from tensions between the United States and Iran also weighed on the stock
• Atlassian (TEAM) is removed from the Nasdaq 100 to make room for Sandisk
• Wells Fargo raised its price target on SNDK to $975 from $675, while maintaining an Equal Weight rating

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SanDisk joined the Nasdaq 100 on Monday, but the stock fell and didn’t celebrate.

SNDK stock fell 1.6% to $906.48 in pre-market trading, although the index inclusion marks a major milestone for the flash memory supplier.

SanDisk Corporation, SNDK

This kind of move is not unusual. Stocks often rise before a high-level index is added, and then fall on the actual day. SanDisk This was no exception — it had jumped 12% the previous Monday when the Nasdaq first announced it would join the benchmark index.

The broader market wasn’t helping either. Futures tracking the S&P 500 index fell 0.4% after escalating tensions between the United States and Iran over the weekend raised concerns that the ceasefire could collapse.

This combination – the classic “buy the rumor, sell the news” setup, plus macro tensions – was enough to push SNDK lower before the opening bell.

A year to remember

SanDisk The long term is hard to ignore. The stock is up 2,990% over the past year, fueled by a boom in data center construction that has increased demand for memory products.

This kind of move puts Monday’s pre-market decline in context. A decline of 1.6% after a gain of about 3,000% is, in the grand scheme of things, just a margin.

Atlassian (TEAM) is making way for Sandisk to enter the index. Its stock fell 1.4% in premarket trading before the opening bell, as index funds track the Nasdaq 100 to rebalance accordingly.

Wells Fargo raises its price target

On the same day as the index entry, Wells Fargo analyst Aaron Ruckers raised his price target for SNDK to $975, up from $675. The company maintained its equal weight rating.

The note was frank in tone. “We clearly lost SNDK,” the company said, acknowledging the stock’s massive rise.

Wells Fargo significantly increased its 2026 EPS estimate and 2027 EPS estimate to $125 and $150, respectively.

However, the company has stopped short of turning bullish. She noted that the consensus valuation is at approximately 6 to 7 times price-to-earnings at peak EPS, which she considers to limit further upside.

This means Wells Fargo is chasing the stock higher on paper, but is not yet ready to recommend buying it outright.

The new $975 price target sits above Monday’s pre-market price of $906.48, suggesting there’s room to run — although the equal weight rating suggests the company isn’t bombing the table.