Morgan Stanley raised its price target on SanDisk (NASDAQ: SNDK) to $230 from $96 while maintaining an Overweight rating, citing favorable industry pricing trends and upcoming product launches that could support further upside.
The firm said near-term risk-reward has become more balanced as shares have risen, though it remains bullish over the longer term. Analysts noted that NAND pricing is up 10–15% or more in both the fourth and first quarters, supporting expectations for several quarters of upward revisions.
Morgan Stanley pointed to the upcoming launch of SanDisk’s new enterprise eSSD products built on the BiCS8 process as a potential catalyst for market share gains. However, it said visibility remains limited despite strong technical specifications and emphasized that performance proof points will be key to sustaining momentum.
The report also highlighted that with SanDisk trading at roughly 21 times projected 2026 earnings, investor confidence in the company’s through-cycle earnings power and industry longevity will be crucial for further multiple expansion. The firm added that while NAND supply growth remains constrained, demand will depend heavily on PC and mobile markets, where it holds lower conviction compared with datacenter demand.
