Sandisk Corp (SNDK.O): MU Read-Thru: NAND Now Tight Thru CY27; Reit. Buy on Cont‘d Demand Strength & Pricing Outlook, TP Higher to $2,500

研报英文原文证据摘录

Sandisk Corp (SNDK.O): MU Read-Thru: NAND Now Tight Thru CY27; Reit. Buy on Cont‘d Demand Strength & Pricing Outlook, TP Higher to $2,500

Action |

25 Jun 2026 00:52:56 ET │ 16 pages

Sandisk Corp (SNDK.O)

MU Read-Thru: NAND Now Tight Thru CY27; Reit. Buy on Cont’d

Demand Strength & Pricing Outlook, TP Higher to $2,500

CITI'S TAKE

MU Read-Thru – Micron (covered by Atif Malik) reported better-than- Buy

expected F3Q26 results (sales+GM upside) and F4Q26 guidance. NAND b/s Short-Term View: Upside

+MSD%qq, ASPs +mid-80s%qq, on tight NAND industry conditions+mix. Price (24 Jun 26 16:00) US$1,914.46NAND industry D>S with tightness expected beyond CY27 on AI-driven

demand across all segments+structural supply constraints. Expects its Target price US$2,500.00↑

CY26 NAND supply growth below industry’s. Outlook reflects: 1) NAND S/D from US$2,025.00

conditions tight beyond CY27; 2) CY26 industry NAND b/s +20%

Expected share price(unchanged). We remain constructive on favorable NAND S/D fundamentals 30.6%

on durable AI-led datacenter demand (KV cache offloading to more cost return

effective SSDs). Our SNDK estimates rise on better pricing outlook. TP rises Expected dividend yield 0.0%

to $2,500 on 11x P/E on revised CY27 EPS. We open an Upside 90-Day ST Expected total return 30.6%View on SNDK shares on favorable industry results/commentary (earnings,

FMS conf in Aug) plus forthcoming catalyst of SNDK’s August investor day Market Cap US$283,512M

where we expect to hear updated commentary on demand expectations,

technology roadmap and constructive capital returns outlook.

MU Results & Guidance Price Performance

(RIC: SNDK.O, BB: SNDK US)

Results: MU reported May-Q sales and non-GAAP EPS (inc. SBC) of $41.5

billion/$24.82 vs.