What the analyst said
Citi analyst Asiya Merchant initiates coverage on SanDisk (NASDAQ: SNDK) with a Buy rating and a price target of $57.
“We initiate coverage on Sandisk with a Buy rating and $57 target price (+21% ETR), reflecting expected 2H supply/demand improvement in NAND market, with subsequent favorable pricing inflection and potential to share gains in the growing Enterprise SSD segment.
We see durable, strong underlying data center demand plus stable-to-favorable supply/demand conditions through CY26 supportive of pricing, while we believe SanDisk’s Bics8 technology provides a strong competitive moat, still in early days of customer qualification with cloud players.
We do remain mindful of the potential for foreign competition and macro dynamics/tariff pull-ins, which could weigh on overall demand, paired with the highly cyclical nature of and volatile pricing in the NAND industry. While we value SNDK on P/E, we note that Kioxia, its closest non-DRAM comp, trades at 1.6x P/BV, while SNDK trades well below at 0.7x; however, this does not contemplate approximately $15-20B in JV assets, leaving room for upside.”
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Where the price stands
SNDK trades at $1,002.
Since the note SNDK has moved +2022% (from $47.25). The 12-month window closed on June 26, 2026.