Rosenblatt analyst Kevin Cassidy initiated coverage of SanDisk with a Buy rating and a $2,400 price target, arguing that artificial-intelligence workloads are repositioning NAND flash from a commodity storage medium toward critical computing infrastructure. The target is based on 10 times Cassidy’s fiscal 2028 earnings estimate and exceeds the reported $2,125.09 average analyst target. SanDisk’s BiCS8 and BiCS10 platforms and its 25-year manufacturing partnership with Kioxia underpin the thesis, while New Business Model agreements with eight major NAND customers could cover approximately 65% of fiscal 2028 production. SanDisk closed fiscal 2026 with $8.965 billion in fourth-quarter revenue, up 371.59% year over year, and non-GAAP earnings per share of $39.25 versus a $33.28 consensus. Data-center revenue reached $2.977 billion, with the segment growing 437% for the full year and representing 38% of the portfolio at fiscal year-end. Management said signed NBM agreements provide more than four years of demand visibility and carry at least $93.9 billion in expected revenue under floor pricing. The company expects NAND industry revenue to exceed $300 billion in calendar 2026 and approach $500 billion in 2027, with bits remaining on allocation beyond 2027. Risks include pricing volatility outside NBM agreements, consumer weakness, execution challenges and dependence on Kioxia.