Analyst Says Sandisk to Hit $2,400 as NAND Flash Becomes Critical AI Infrastructure

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Coinbase pays us for certain activity generated through this link. Prices displayed are informational. Rosenblatt analyst Kevin Cassidy initiated coverage of **Sandisk** (NASDAQ:SNDK) with a Buy rating and a $2,400 price target, arguing that AI workloads are transforming NAND flash from a commodity into critical computing infrastructure.

The call arrives after a blockbuster fiscal 2026 in which Sandisk stock has rallied 698.69% year to date. For long-term investors, the initiation frames NAND as a structural AI beneficiary rather than a cyclical trade. | Ticker | Company | Firm | Action | Old Rating | New Rating | Old Target | New Target | | SNDK | Sandisk | Rosenblatt | Initiation | N/A | Buy | N/A | $2,400 | Cassidy told clients that new AI compute platforms create an opportunity to reposition NAND "from a commodity storage medium to a more system-critical component of AI infrastructure," with expanding model sizes and data-intensive inference prioritizing density, performance, endurance and supply certainty over lowest price. He credits Sandisk's BiCS8 and BiCS10 platforms for delivering density gains with fewer 3D layers than competitors, backed by a 25-year manufacturing partnership with Kioxia.

The $2,400 price target is set at 10 times his fiscal 2028 earnings estimate, and he argues that New Business Model (NBM) agreements with eight of the largest NAND customers could cover roughly 65% of fiscal 2028 production. 24/7 Wall St has helped investors make money for over two decades, and our top analysts just finished ranking the definitive _Top 10 Stocks To Buy Now_. Not the ten biggest companies. Not the ten everyone is arguing about. **The ten best stocks to buy right now.** The report is free, and you can see why we think each stock is a top investment today.

Sandisk, spun off from Western Digital in February 2025, closed fiscal Q4 2026 with revenue of $8.965 billion, up 371.59% year over year, and non-GAAP EPS of $39.25 against a $33.28 consensus. Data center revenue reached $2.977 billion, and the full-year data center segment expanded 437% year over year. Management said data center represented 38% of the portfolio exiting fiscal 2026, versus roughly 12% of bits a year earlier.

CEO David Goeckeler called NAND "a critical component of the AI architecture" and cited more than four years of demand visibility through NBMs, with total expected revenue from signed agreements of at least $93.9 billion assuming floor pricing. Sandisk trades at roughly 8x forward earnings, a striking multiple given fiscal 2028 EPS consensus of $264.72 and a $2,125.09 average analyst target. Cassidy's $2,400 target sits above that consensus and aligns with management's own fiscal 2028-to-2030 framework of mid-to-high-teens revenue growth, roughly 80% non-GAAP gross margin and 50% adjusted free-cash-flow margin.