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Sandisk (SNDK) stock fell 3.8% on Thursday morning, reversing gains from Citigroup's reiterated buy rating and $2,100 price target.
Sandisk (SNDK) stock fell 3.8% on Thursday morning, reversing gains from Citigroup's reiterated buy rating and $2,100 price target. Citi analyst Asiya Merchant had reiterated her buy rating and $2,100 price target on Wednesday, citing that growth in artificial intelligence is driving demand for NAND flash memory chips, with long-term demand trends looking favorable from both hyperscalers and AI-enabled mobile devices. Merchant anticipates mid-teens annual growth in NAND demand, which should lead to higher and more sustained profit margins for Sandisk.
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