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.

The Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period for Adobe’s purchase of Topaz Labs on July 28, and the tape spent July 29 crediting the notice with a 5.7% advance. Shares traded between $247.52 and $266.24 and settled near $261, on 9.84 million shares against a 5.51 million average, the fourth consecutive up session and the highest level in roughly two months. The attribution is at best partial.