SanDisk SNDK rose 7.07% premarket, extending gains from Thursday's Investor Day, after JPMorgan resumed coverage of the NAND flash memory maker at Overweight with a $2,250 price target, roughly 47% above the last close.
At the Investor Day, management set out a framework running from fiscal 2028 through 2030: mid-to-high double-digit annual revenue growth, non-GAAP gross margins near 80%, and adjusted free cash flow margins around 50%. The pitch underneath it is that SanDisk stops being a cyclical NAND supplier and becomes AI infrastructure, which is the part that would justify a different multiple.
SanDisk also disclosed new business model agreements with eight customers covering roughly half of projected fiscal 2027 bit shipments. Susquehanna moved its target to $3,250, and analyst Amit Daryanani reiterated a Buy at $2,800.
