Bernstein Reaffirms Outperform on Sandisk, $3,000 Price Target
- Rating
- Outperform
- Unchanged
- Target
- $3,000
- Upside
- +198%
- SNDK at $1,007 today
The highest of 8 current targets on sandisk, 38% above the $2,175 median. Bernstein has reached 80% of its year-old targets (25 scored).
What the analyst said
Bernstein SocGen Group analyst Mark C. Newman reiterated an Outperform rating and $3,000 price target on SanDisk (NASDAQ: SNDK).
“Overall, we came back even more convinced of the Sandisk bull thesis, reiterate Outperform, TP $3000. After the recent pull back in July we see this is as an attractive entry point as NAND industry tightness is expected to continue, NBMs help protect against downside in the outer years, and buybacks should reduce share count significantly.
HBF is not in the model and could add potentially significant upside. Sandisk’s long-term model implied mid-high teens volume growth and stable pricing through FY2030, which was positively received. The company also guided long-term gross margin around 80%, which was better than expected and inline with the NBM commentary.
Sandisk announced that 100% of excess cash will be returned to shareholders with a strong hint that most if not all of this FCF will be returned in the form of buybacks. Using even the most conservative of estimates for Free cash flow,Sandisk can buyback ~50% of shares outstanding in the next 4 years of free cash flow generation at current share prices. Using Bernstein and Consensus estimates, this % would be significantly higher.”
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Where the price stands
SNDK trades at $1,007.
Since the note SNDK has moved −39% (from $1,641). 12-month window: day 86 of 365, closes on August 17, 2027.