SanDisk Outperformed 2025 on Improving NAND Fundamentals, Demand to Outpace Supply in 2026, RBC Says

MT Newswires Live01-16

SanDisk (SNDK) outperformed in 2025 on improving NAND fundamentals, and demand for NAND chips will outpace supply in 2026 on supply discipline, storage growth from generative AI, and stable smartphone and PC demand, RBC Capital Markets said in a Wednesday research note.

The company's margin execution remains on track, and it is also making progress in the enterprise SSD market. The brokerage said it modelled gross margins rising to 48% by the end of 2026 from 30% in the most recent quarter, with room for upside from robust pricing trends.

SanDisk is also ramping up its 3D NAND technology, BiCS8, which looks on course to exceed 50% of the company's bit production by fiscal 2027. Overall cost declines are progressing as expected by management, while utilization rates across the company's facilities are near 100%, the analysts said.

Management does not expect meaningful near-term wafer capacity expansion, suggesting that bit production growth will track productivity gains from technology transitions, according to the note.

RBC initiated coverage of the stock with a sector perform rating and a price target of $400 per share.

Price: 419.16, Change: +31.35, Percent Change: +8.08

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