tech
Evercore ISI Pounds Table on Sandisk. Bull Case Sees Rally to $2,600
Shares of Sandisk have already rallied nearly 300% this year. Evercore's bull case sees another 173% jump.
TL;DR
- Evercore ISI initiates coverage of Sandisk with an outperform rating and a $1,200 price target.
- The stock has already surged over 290% this year, driven by AI-driven demand for flash memory chips.
- Evercore's bull case suggests a potential rally to $2,600, implying 173% upside.
- Further upside is expected from earnings revisions, a shift to enterprise SSDs, and multiple re-ratings.
- Sustained growth is anticipated due to average selling price tailwinds and increased exposure to enterprise and cloud markets.
- Margin and free-cash-flow expansion are also expected.
- Sandisk is projected to begin returning capital to shareholders through buybacks.