Barclays moved on SanDisk on May 27. The day after, Mizuho followed. When top-ranked analysts at two different firms raise targets on the same stock on back-to-back days, each arriving via a different methodology, the second note is worth reading carefully.

Mizuho’s argument is built around numbers that extend well beyond the last earnings report and further into the future than most coverage of this stock has focused on.

What Mizuho changed and the analyst behind the call

Vijay Rakesh, a five-star analyst at Mizuho Securities, raised his price target on SanDisk (SNDK) to $1,825 from $1,625 on May 28, maintaining an outperform rating.

The new target implies approximately 12% upside from the stock’s price at the time of…