Citi reiterates Buy rating on SanDisk with $2,100 target

Citi analyst Asiya Merchant reiterated a Buy rating and a $2,100 price target on SanDisk (NASDAQ: SNDK).

The reiteration follows a SanDisk investor day held on August 13, where management outlined long-term financial targets for fiscal years 2028 through 2030, including mid-to-high teens revenue growth, approximately 80% gross margins, 75% operating margins, and 50% free cash flow margins.

SanDisk also disclosed plans to shift the majority of its business to multi-year contracts, with such agreements expected to cover 50% of bits in fiscal year 2026, rising to approximately 66% in fiscal year 2027.

The company highlighted its NAND technology roadmap and noted expectations for HBF samples in 2027, with 3D Matrix Memory development planned for a later stage.

Merchant's $2,100 price target is based on 9x the calendar year 2027 price-to-earnings estimate. SanDisk shares closed at $1,528.11 prior to the announcement.

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