What the analyst said
Mizuho analyst Vijay Rakesh reiterated an Outperform rating and $1,900 price target on SanDisk (NASDAQ: SNDK).
“SNDK hosted its investor day in NYC. Key points: 1) HBF die taped out with C27E sampling and potentially C28E volume ramps, driving HBM-like bandwidth at 1/8 the cost with better scaling,
2) new financial model with mid- to high-teens% rev growth in F28-30E, implying >2x F30E vs cons, 80% GMs, potentially higher with NBM at 80% GM floor, with HBF upside as it is not in the model,
3) we see sustained elevated NAND pricing (flat to up) in 2027E vs some expecting 15-20% decline, with strong Agentic/Edge AI, HBF stacking, and memory-starved consumer,
4) 100% of excess cash to be returned to shareholders, with $15.5B buybacks authorized N-T, and
5) 2/3 F28E capacity allocated to NBMs, potentially similar levels in F29E with >4Y visibility.
We reiterate SNDK as Outperform, $1,900PT as the key AI enabler with strong AI DC build out, inference tailwinds, and HBF upside.”
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Where the price stands
SNDK trades at $1,007.
Since the note SNDK has moved −34% (from $1,528). 12-month window: day 89 of 365, closes on August 14, 2027.