Sandisk was trading near $36 twelve months ago. It has since done something that most stocks never do in a lifetime. And on May 27, one of Wall Street‘s major banks looked at that run and decided the story was not finished.

The argument it made for why is more specific than most investors are expecting.

What Barclays changed and the analyst behind the call

Barclays analyst Tom O’Malley upgraded SanDisk (SNDK) to Overweight from Equal-weight and raised his price target to $2,300 from $1,200 on May 27. The new target implies approximately 45% upside from the stock’s close of $1,589.55. Shares jumped 7.5% on the day of the upgrade.

More Wall Street:

The 52-week low for SanDisk was $36.21. The stock has gained…