Sandisk Corp. (NASDAQ:SNDK) stock rose about 1% in Tuesday’s premarket trading as investors favored growth stocks. Nasdaq futures gained 0.32%, while S&P 500 futures slipped 0.10%.

The move comes as the broader memory sector remains in focus amid higher contract prices and stronger long-term growth expectations.

Roundhill Investments Chief Investment Strategist Drew Pettit recently said memory stocks offer an attractive setup after a pullback. He pointed to rising memory prices and improving long-term estimates.

Pettit estimates industry revenue could roughly triple by 2030. He also said current stock prices imply about 30% annual earnings growth over the next five years. Meanwhile, Wall Street estimates suggest growth could reach 35% or more.

Pettit argued that discounted cash flow valuations therefore “make a lot of sense” despite sharp gains in stocks such as Sandisk, Micron Technology Inc. (NASDAQ:MU), Western Digital Corp. (NASDAQ:WDC) and Seagate Technology Holdings PLC (NASDAQ:STX).

See More: Top Value Stocks

Technical Analysis

Sandisk remains well above its major moving averages. The stock trades 15.7% above its 20-day simple moving average and 14.1% above its 50-day SMA. It is also 16.1% above its 100-day SMA and 76.3% above its 200-day SMA.

The short-term picture is more mixed. The 20-day SMA remains below the 50-day SMA. However, the 50-day SMA is above the 200-day SMA, supporting the longer-term bullish trend.

Momentum is also improving. The MACD is above its signal line, while the histogram remains positive.

Resistance sits near $1,828. Support is around $1,416.50, close to the 100-day exponential moving average of $1,409.27.

Analyst Outlook

Analysts have a Buy consensus rating and an average price forecast of $2,190.50.

Mizuho recently maintained an Outperform rating but lowered its price forecast to $1,875. RBC Capital raised its forecast to $1,600 with a Sector Perform rating. Wells Fargo raised its forecast to $1,550 and maintained an Equal-Weight rating.

Benzinga Edge

Sandisk has a Momentum score of 99.88 and a Value score of 10.16 on Benzinga Edge. The readings point to strong relative momentum but weaker value characteristics.

Price Action

SNDK Stock Price Activity: Sandisk shares were up 1.20% at $1760.90 during premarket trading on Tuesday, according to Benzinga Pro data.

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