Market Update on Sandisk
Shares of Sandisk (NASDAQ: SNDK) saw a significant 5% drop on Thursday, October 5, 2023, following a report from Wall Street banker Bernstein that flagged concerns about spot demand in the computer memory market. However, the stock rebounded with an 8.5% increase on Friday morning, attributed to continued interest in memory products as buyers compete for limited supply.
Bernstein noted a deficit in computer memory supply, primarily driven by high demand from artificial intelligence chip manufacturers like Nvidia and AMD. Despite these challenges, DRAM prices surged by 57% and NAND prices increased by 65% to 70% in April. Bernstein maintains a target price of up to $1,700 per share for Sandisk, projecting fiscal Q4 sales of $8 billion with profits estimated between $30 and $33 per share.
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