Sandisk Analyst Predicts Nearly 70% Upside For Relisted Stock: Retail’s Excited

Flash and advanced memory technology company Sandisk Corp. (SNDK) began trading as an independent public entity on Feb. 24, following its separation from Western Digital Corp. (WDC).

This marked a relisting of the stock as Sandisk was a public-traded company before it was acquired by Western Digital in 2016.

Since its relisting, Sandisk's stock has risen about 40%, even amid the broader market volatility. 

On Tuesday, Morgan Stanley analyst Joseph Moore initiated coverage of SanDisk stock with an ‘Overweight’ rating and a $84 price target, suggesting a 67% upside potential.

The analyst noted that in 2024, Sandisk had a 14% share of the global market for NAND, a non-volatile storage technology that does not require power to retain data. Considering its partnership with its development/manufacturing joint venture partner Kioxia, Sandisk's global market share increases to 30%.

Moore noted that the NAND cycle recovered from the 2024 lows, and the improvement increased utilization, resulting in a modestly oversupplied situation.

Morgan Stanley expects the NAND market to be tough in the first half of 2025. Nevertheless, it is expected to have a 90% upside in twelve months as cyclical drivers reverse for an underappreciated franchise, it added.

Moore said, “Despite uncertainty, this is one of the best risk/rewards in our coverage.”

Stocktwits users are largely bullish on Sandisk stock. One user said the stock is grossly undervalued and has huge upside potential.

Another user was bullish about the company’s technology. According to them, a new high bandwidth flash (HBF) patent could have applications for every computer.

At last check, Sandisk stock was down 2.98% at $48.65 amid the broader market weakness.

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