Sandisk Gets Bullish Initiation From Jefferies, But Retail Sentiment Lags

Flash storage solutions provider Sandisk Corp. (SNDK), which spun off publicly from Western Digital (WDC) in February, received a bullish call from a Wall Street firm.

Sandisk stock has gained about 29% since its spin-off in February.

Jefferies analyst Blayne Curtis initiated coverage of Sandisk stock with a ‘Buy’ rating and a $60 price target, The Fly reported. The stock price target implies roughly a 30% upside from Thursday’s close.

Curtis believes the spin-off could unlock shareholder value as updated technology drives enterprise solid state drives market share gains. 

The analyst sees an upside to estimates If SanDisk's content trends sustain amid tariffs.

Last week, Benchmark added Sandisk stock to its “Best Ideas” list and raised the price target to $62 from $58. The firm maintained a ‘Buy’ rating on the stock. The research firm based its optimism on its view that the NAND business was entering a cyclical upturn, driven by artificial intelligence (AI) opportunities and double-digit growth in data center spending.

The research firm believes that SanDisk's next-generation products, namely BiCS8 chips and ultra QLC technology, will drive share gains in the enterprise solid-state drive (SSD) market.

In early June, the company announced a secondary offering of its shares held by its erstwhile parent, Western Digital, with the offering comprising 18.54 million shares priced at $38.50 each. 

On Stocktwits, retail sentiment toward Sandisk stock was ‘bearish’ by early Monday, worsening from the ‘neutral’ mood a day ago. The message volume was ‘low.’

Sandisk ended Thursday’s session up 0.43% at $46.41. 

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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