Rosenblatt Initiates SanDisk at Buy, $2,400 Target on AI-Driven NAND Demand

Rosenblatt analyst Kevin Cassidy initiated coverage of SanDisk (SNDKV) with a Buy rating and a $2,400 price target on September 22, 2026, implying roughly 30% upside from the stock's $1,849.75 level. Cassidy argues AI systems are repositioning NAND flash from a commodity storage product into a critical component of AI infrastructure, shifting buyer priorities toward density, performance and supply stability over lowest absolute cost. SanDisk's roadmap includes BiCS8 and BiCS10 architectures co-developed with Japan's Kioxia, which stack memory cells vertically to deliver higher capacity in less space. Cassidy forecasts SanDisk data center revenue of $21.7 billion in fiscal 2027 and $28.6 billion in fiscal 2028. He also cited new multi-year commercial agreements with eight major NAND customers covering most of SanDisk's capacity, which he said should improve demand visibility and reduce the industry's historical cyclicality.