Sandisk (NASDAQ:SNDK) shares rose about 6% to about $905 on the news that the company will be added to the Nasdaq-100 Index prior to the market open on Monday, April 20.
The flash memory storage company replaces Atlassian in the index, which has seen its shares fall more than 62% so far this year.
Following the announcement, Jefferies analysts raised their price target on Sandisk to $1,000, citing continued pricing strength in NAND markets and ongoing demand tailwinds.
The firm said long-term agreement negotiations and sustained artificial intelligence-driven demand support expectations for further NAND price increases.
Jefferies also pointed to anticipated growth in Sandisk’s data center business, noting expectations for upcoming shipments of QLC eSSD products to Tier 1 customers in the coming quarters.
It added that these developments could support share gains and lead to positive estimate revisions ahead of the company’s April 30 earnings release.
The firm increased its near-term assumptions for average selling price growth in 2026 and lifted longer-term revenue and earnings forecasts, stating that current demand conditions and industry pricing trends remain supportive for the memory sector.