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Bernstein Raises SanDisk Price Target to $3,000 From $1,700, Citing Long-Term Agreements

GateNews
Stocks
According to Bernstein, the investment bank raised its price target for SanDisk (SNDKV-US) to $3,000 from $1,700 on June 30, a 71% increase. The upgrade reflects a shift in how memory industry long-term supply agreements (LTA) function, with new contracts featuring fixed pricing mechanisms, higher customer default penalties through financial commitments, and extended terms of three to five years—reducing earnings volatility compared to commodity-cycle exposure. Bernstein's stress test modeling shows that with 60% of SanDisk shipments covered by LTA, even if NAND chip prices fell 72% from peak levels to $0.11 per GB, the company's 2030 earnings per share could reach $214, versus just $81 without LTA protection. The new valuation is based on 11x Bernstein's 2028 earnings per share forecast of $272.
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