Veteran Analyst Lowers SanDisk Price Target While Maintaining Long-Term Optimism on AI Storage Demand

Deep News07-24 21:30

Investment bank Susquehanna analyst Mehdi Hosseini has lowered the price target for SanDisk Corp. (NASDAQ: SNDK) from $3,250 to $3,050, while maintaining a "Buy" rating. The new target price still implies approximately 80% upside from the current share price.

Hosseini stated that the target reduction is primarily due to the company's revision of previous revenue and earnings per share forecast errors in its financial model. Additionally, there remains uncertainty regarding the storage architecture for AI inference applications. If AI companies adopt KV Cache offloading solutions, it would significantly boost demand for enterprise SSDs. Conversely, if they continue to rely on DRAM/HBM, demand for SanDisk's flagship products will fall short of expectations.

Despite the lowered price target, Wall Street's overall rating for SanDisk Corp. (NASDAQ: SNDK) remains a "Strong Buy," with an average price target of approximately $2,368, implying over 40% upside in the next 12 months. Among the 24 analysts tracked by FactSet, 21 have given "Buy" or "Strong Buy" ratings.

SanDisk's stock price had surged over 858% year-to-date before recently retreating about 30% from its highs amid a broader tech sector pullback. The company's previously reported third fiscal quarter results showed revenue of $5.95 billion, significantly exceeding expectations, with adjusted earnings per share of $23.41 and a gross margin that improved sharply to 78.4%. The company has signed multiple long-term supply agreements spanning three to five years and has secured over $11 billion in financial commitments.

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