Goldman Sachs noted in an August 13 research report that SanDisk's long-term financial model for fiscal years 2028-2030, unveiled at its Investor Day, including an 80% gross margin and 75% operating margin, as well as a commitment to return 100% of excess free cash flow to shareholders, all significantly exceeded market expectations. Furthermore, the company's next-generation HBF (High-Bandwidth Flash) technology roadmap for AI inference also presents substantial upside potential. Goldman Sachs set SanDisk's 12-month target price at $2200, representing approximately 44% upside from the current share price of $1528, and believes its capital return intensity far surpasses that of its peers.