Rosenblatt starts SanDisk at buy with $2,400 price target, betting NAND is the next AI bottleneck

Rosenblatt Securities initiated coverage on SanDisk with a Buy rating and a $2,400 price target on September 21, calling the NAND flash memory maker a structural beneficiary of the AI infrastructure buildout. The stock was trading between $1,750 and $1,766 at the time, which means analyst Kevin Cassidy is penciling in roughly 35-37% upside from current levels.

The timing is not accidental. SanDisk joined the S&P 100 on the same day, a milestone that reflects just how dramatically the company’s profile has changed in a market reshaped by AI compute demand.

From storage commodity to AI plumbing

Central to Rosenblatt’s bullish view is SanDisk’s 25-year partnership with Kioxia, the Japanese memory manufacturer. That relationship gives SanDisk access to advanced process nodes, the cutting-edge fabrication technology needed to produce the kind of high-density, high-performance flash chips that AI platforms require.

The company has also reportedly locked in multi-year supply contracts, the kind of deal structure that smooths out the boom-bust cycles NAND has historically been famous for.

The numbers behind the rally

SanDisk’s stock has already posted extraordinary gains in 2026, with year-to-date performance exceeding 574%. The company is projecting 15-20% annual revenue growth from 2028 to 2030.

Joining the S&P 100 adds a mechanical tailwind as well. Index inclusion forces passive funds to buy shares, creating demand that is indifferent to valuation.

The broader memory market context

Kioxia is one of only a handful of companies globally capable of manufacturing cutting-edge 3D NAND at scale. SanDisk’s access to that capacity, honed over a quarter century of collaboration, is not something a competitor can replicate quickly.

What to watch from here

The 15-20% annual growth target for 2028-2030 will be the real test. If SanDisk can deliver on that trajectory, the current valuation could look reasonable even after the massive year-to-date rally.

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