The arithmetic behind a $4,000 SanDisk share price is unremarkable. Take consensus fiscal 2027 earnings of roughly $168 per share, apply a price-to-earnings multiple of 22, which is about where the S&P 500 sits, and the answer falls out. Evercore’s bull case gets there a different way, assuming better than $300 in earnings power against a headline target of $3,100. Neither calculation requires SanDisk to beat anything. Both require only that the market agree to value NAND flash earnings the way it values the average large-cap American company.