SanDisk jumps 6% as Rosenblatt sets a $2,400 target

Rosenblatt Securities initiated coverage of SanDisk on Tuesday with a Buy rating and a price target of $2,400. SanDisk stock climbed 6% to $1,875 during Tuesday morning trading, extending its year-to-date gain to 677%.

Analyst Kevin Cassidy noted that artificial intelligence computing platforms are transforming NAND flash memory into a critical infrastructure component. He highlighted SanDisk's BiCS8 and BiCS10 architectures, developed with manufacturing partner Kioxia, which achieve higher storage density with fewer layers than competitors.

Cassidy also pointed to new agreements SanDisk reached with eight of its largest customers. He estimated those contracts could cover 65% of production in fiscal 2028, providing rare demand visibility for the cyclical NAND market.

The initiation lifted peers across the memory and storage sector. Micron Technology shares rose 3% to $1,075.68, while the Roundhill Memory ETF added 2% to $62.66. Seagate Technology gained 1% to $885.95, and Western Digital also saw modest gains. Meanwhile, the SPDR S&P 500 ETF Trust was flat at $773.46.