Rosenblatt Initiates SanDisk Coverage With $2,400 Target

Rosenblatt Securities initiated coverage of SanDisk on September 21, 2026 with a Buy rating and a $2,400 price target, according to analyst Kevin Cassidy, a level that sits above prevailing Wall Street consensus for the NAND flash memory maker. Cassidy's thesis rests on the argument that artificial intelligence workloads are reshaping NAND flash from a commodity storage product into a more system-critical component of AI computing infrastructure. In a research note, he wrote that expanding model sizes and data-intensive inference increasingly prioritize density, performance, endurance and supply certainty over the lowest absolute price, and that positioning NAND closer to compute engines can increase its value to the overall system. The $2,400 target is set at 10 times Cassidy's fiscal 2028 earnings estimate. He pointed to SanDisk's BiCS8 and BiCS10 platforms, which deliver density gains with fewer 3D layers than certain competing approaches, and to a roughly 25-year manufacturing partnership with Kioxia.