Rosenblatt Initiates Sandisk at Buy With $2,400 Target, Sees 27% Upside on AI-Driven NAND Demand

Rosenblatt analyst Kevin Cassidy initiated coverage of Sandisk (SNDK) with a Buy rating and a $2,400 price target on September 23, 2026, implying 27% upside from the stock's September 22 close of $1,887.04. Sandisk shares rose 6.8% that session, among the best performers in the S&P 500. The stock has climbed 644% year-to-date and more than 1,600% over the past 12 months. Cassidy said new AI computing demand is transforming NAND flash from a commoditized storage medium into a "system-critical component of AI infrastructure," positioning Sandisk favorably alongside manufacturing partner Kioxia. Memory peers rallied in tandem, with Micron (MU) up 5% and U.S.-listed SK Hynix (SKHY) up 3.5%. Wall Street expects third-quarter memory chip average selling prices to rise more than 20% quarter-over-quarter, with DRAM and NAND shortages persisting into 2027. Samsung leads the NAND market at 28% share, followed by SK Hynix at 19%, Micron at 15% and Sandisk at 11%.