SanDisk Stock Draws Rosenblatt Buy on AI Demand
SanDisk stock drew Rosenblatt coverage on Sept. 22, 2026, citing AI storage demand and eight customer deals that tighten demand visibility and positioning.
KEY TAKEAWAYS
- Rosenblatt initiated coverage at Buy with a $2,400 target, citing AI-driven NAND demand.
- Analyst said eight customer agreements could cover roughly 65% of fiscal 2028 output.
- Rosenblatt flagged BiCS8/BiCS10 roadmap and a long Kioxia relationship as key execution and upside factors.
HIGH POTENTIAL TRADES SENT DIRECTLY TO YOUR INBOX
Add your email to receive our free daily newsletter. No spam, unsubscribe anytime.
SanDisk Corp. (NASDAQ: SNDK) attracted fresh analyst attention when Rosenblatt initiated coverage at Buy on Sept. 22, 2026, setting a $2,400 target. The firm cited AI-driven NAND flash demand supported by eight customer agreements covering about 65% of fiscal 2028 output, projecting long-term earnings near $300 per share.
Rosenblatt Sees NAND as Critical for AI Infrastructure
Rosenblatt analyst Kevin Cassidy framed the initiation around a shift in computing, arguing that new AI platforms could elevate NAND flash from a commodity storage medium to a system-critical AI infrastructure component. He identified larger AI models and data-intensive inference as key demand drivers that prioritize storage density, performance, endurance, and supply certainty over the lowest price.
The valuation is based on a multiple of projected future earnings, roughly ten times Rosenblatt’s fiscal 2028 estimate. The note highlighted execution risks and the possibility that NAND pricing could revert to more cyclical, commodity-like patterns.
Customer Agreements and Technology Road Map Support Outlook
Rosenblatt highlighted SanDisk’s BiCS8 and BiCS10 NAND platforms as enabling higher storage density and potentially improving cost and performance for AI-focused enterprise storage. The analyst noted a manufacturing and technology partnership with Kioxia spanning about 25 years.
The research described eight “New Business Model” agreements with major NAND customers, covering a large majority of fiscal 2028 output. Rosenblatt said these arrangements improve demand visibility and reduce SanDisk’s historical exposure to NAND cyclicality, linking these factors to its longer-term earnings outlook.
A SanDisk Form 8-K was filed on Sept. 16, 2026. Rosenblatt’s thesis makes execution on the technology roadmap and customer adoption of these longer-term NAND agreements key metrics for investors to watch.
