BofA Securities Raises Sandisk Price Target to $2,100

BofA Securities analyst Wamsi Mohan raised the price target on SanDisk (NASDAQ: SNDK) to $2,100 (from $1,550) while maintaining a Buy rating.

“Ivan Donaldson and Jasmine Nouri from SanDisk Investor Relations attended our 2026 Global Technology Conference in San Francisco. The company did not provide any update to its guidance. Investor questions focused on the multi-year supply partnerships between SanDisk and its customers, referred to as new business models (NBMs).

The NBMs include fixed pricing for an initial period, followed by variable pricing over the rest of the contract. The contracts are designed so that margins remain within guidance range, even if pricing is at the floor (and the floor remains unchanged during the contract).

We see the NBMs as win-win as they lock in committed supply for customers, and committed financials for SanDisk. Reiterate Buy on valuation, beneficial joint venture partnership, share gains, and long-term potential for industry consolidation.

Pricing trends remain strong in the near term So far, SanDisk has signed up over a third of its F27 revenue via NBMs, which means that over 60% of its NAND supply is still available for customers to purchase (albeit at higher prices vs. a year ago).

Over time we see a path to a higher proportion of supply under these NBMs thereby driving more stability in earnings. Pricing trends indicate continued ASP increases and we model higher price increases through C26. We expect pricing to remain robust in 1H27. Incremental supply growth likely only in 2028/2029”

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