Citigroup raised its price target for SanDisk Corp. (SNDK) to $875 from $750, maintaining a Buy rating. Analysts cited accelerating demand for artificial intelligence data center NAND as a primary growth driver. This outlook follows strong quarterly results and guidance from competitor Micron Technology.
Despite the upgrade, SanDisk shares traded lower on Thursday. The decline followed broader market pressure and a secondary public offering from competitor Western Digital.
Separately, SanDisk warned of potential price hikes and supply constraints for storage products. The company noted that overwhelming demand from AI data centers is currently straining global supply chains.