SanDisk has risen 3,218% over the past 12 months. It is up roughly sixfold year-to-date alone. And a Citi analyst just raised the price target by 56% in a single note, making Citi the fifth firm to set a target at $2,000 or above.

The reasoning behind this raise is more specific than typical analyst momentum calls. It is built on a new valuation framework, a specific external data point from a Japanese partner, and a buyback calculation that adds another layer of EPS upside most investors have not fully modeled.

What Citi changed on SanDisk and what the Kioxia earnings showed

Citi analyst Asiya Merchant raised her price target on SanDisk to $2,025 from $1,300 on May 19, maintaining a Buy rating.

The new target implies…