Morgan Stanley significantly raised its SanDisk forecast and price target ahead of the company's April 30 earnings report. The firm identifies a NAND pricing supercycle fueled by a structural imbalance between AI-related demand and constrained supply. Morgan Stanley’s calendar 2026 earnings per share estimate for SanDisk is 65% above the Wall Street consensus.
SanDisk stock declined over 6% on April 28 despite the optimistic analyst outlook. Traders increased bearish options activity to position themselves ahead of the earnings announcement. The options market shows a higher preference for put options, suggesting anticipation of a potential near-term pullback.