SanDisk (SNDK) PT Raised to $250 at Mizuho

Mizuho analyst Vijay Rakesh raised the price target on SanDisk (NASDAQ: SNDK) to $250.00 (from $215.00) while maintaining a Outperform rating.

The analyst comments "SNDK reported good SepQ rev $2.31B (cons. $2.15B) and guided the DecQ up 13% q/q to $2.6B (ABOVE cons. $2.23B) and GMs up ~12.1ppts q/q to 42% (ABOVE cons 34%) with accelerating AI Server demand driving pricing as we have noted (LINK). Key takeaways: 1) SNDK sees share gains vs. C26E NAND industry bits growing 15% y/y, 2) SepQ bit shipments up mid-teens% q/q and ASP up MSD% with DecQ bits guided up LSD% and price up DD%, 3) Spot NAND Px up 44% m/m, contract Px est up >20% q/q through C1H26E, 4) DC rev expected to grow q/q through F26E with two CSPs in qualification and 5 engaged, and 5) 128TB eSSD ramping potentially mid-C26E and 256TB in ~C27E. Reiterate SNDK at Outperform, raising ests/PT to $250 (prior: $215) as eSSD demand accelerates into CY26E up 43% y/y (Exhibit-1) with AI server demand, representing upside opportunity for SNDK."

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