SanDisk Corp (NASDAQ:SNDK) stock fell on Thursday as investors weighed a broader reset in AI hardware expectations against Goldman Sachs' positive view on memory supply tightness.

New York-based Goldman Sachs maintained its Buy rating on SanDisk, saying AI-driven demand could keep memory markets undersupplied through at least 2028.

The firm said tighter DRAM and NAND supply, stronger pricing power, and more long-term customer contracts could support SanDisk and other major memory producers over the next several years.

Technical Analysis

Even with Thursday's pullback, SanDisk is still extended relative to its trend gauges: it's trading 17.8% above the 20-day SMA ($1525.23) and 57.5% above the 50-day SMA ($1141.11), a kind of spacing that often invites sharper dips when sentiment cools.

RSI is the cleaner momentum lens here: at 74.17, it's in overbought territory, signaling the move has gotten stretched and can be more vulnerable to profit-taking than to "bad company-specific news."

From a structure standpoint, the longer-term trend remains up (20-day SMA above the 50-day, and the 50-day above the 200-day), but the stock is also coming off a recent swing high in May after a swing low in March—so the next few weeks often become a test of whether buyers defend higher lows.

Earnings & Analyst Outlook

Looking further out, the next major catalyst for the stock arrives with the August 13, 2026 (estimated) earnings report.

  • EPS Estimate: $33.04 (Up from 29 cents YoY)
  • Revenue Estimate: $8.17 Billion (Up from $1.90 Billion YoY)
  • Valuation: P/E of 62.6x (Indicates premium valuation relative to peers)

Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price target of $1391.59. Recent analyst moves include:

  • Morgan Stanley: Overweight (Raises Target to $1750.00) (June 3)
  • Susquehanna: Positive (Raises Target to $3250.00) (May 29)
  • Mizuho: Outperform (Raises Target to $1825.00) (May 28)

Meanwhile, Broadcom Inc (NASDAQ:AVGO) reiterated its fiscal 2027 AI semiconductor revenue target of "in excess of $100 billion," even after reporting record second-quarter revenue of $22.2 billion, up 48%, and guiding fiscal 2026 AI semiconductor revenue to $56 billion, or about 180% growth.

The market reaction suggested that, even when expectations are already elevated, reiterating strong AI targets can still disappoint investors seeking fresh upside.

The broader tape also remained mixed, with the Nasdaq and S&P 500 lower, the Dow higher, and the iShares PHLX SOX Semiconductor Sector Index Fund (NASDAQ:SOXX) down more than 4%.

Price Action

SNDK Stock Price Activity: SanDisk shares were down 4.47% at $1749.69 at the time of publication on Thursday, according to Benzinga Pro data.

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