Why Is Sandisk Stock Falling on Thursday?
SanDisk Corporation (NASDAQ: SNDK ) stock extended its downward momentum on Thursday following a sector-wide profit-taking rotation out of high-momentum artificial intelligence (AI) hardware and memory chip stocks. The decline follows a drop on Wednesday, which occurred after a strong multi-month rally. Read Also: Stock Market Today: S&P 500, Nasdaq 100 Futures Fall As Trump Says Iran Wants To Negotiate—AtaiBeckley, J B Hunt, AST SpaceMobile in Focus Competition From Chinese Peers Memory-related chip companies are trading lower following news regarding ChangXin Memory Technologies (CXMT). The Chinese memory peer filed to raise almost $10 billion in a Shanghai initial public offering (IPO), signaling growing competition across the semiconductor sector. Wall Street Maintains Bullish Outlook Despite the current downward trend, analysts remain bullish on the memory-chip maker. On July 1,...
SanDisk Corporation (NASDAQ: SNDK ) stock extended its downward momentum on Thursday following a sector-wide profit-taking rotation out of high-momentum artificial intelligence (AI) hardware and memory chip stocks. The decline follows a drop on Wednesday, which occurred after a strong multi-month rally. Read Also: Stock Market Today: S&P 500, Nasdaq 100 Futures Fall As Trump Says Iran Wants To Negotiate—AtaiBeckley, J B Hunt, AST SpaceMobile in Focus Competition From Chinese Peers Memory-related chip companies are trading lower following news regarding ChangXin Memory Technologies (CXMT).
The Chinese memory peer filed to raise almost $10 billion in a Shanghai initial public offering (IPO), signaling growing competition across the semiconductor sector. Wall Street Maintains Bullish Outlook Despite the current downward trend, analysts remain bullish on the memory-chip maker. On July 1, Bank of America ( BofA ) analyst Wamsi Mohan reiterated a Buy rating and raised his price forecast to $2,500 from $2,100. Mohan said tight NAND supply and demand conditions could persist through 2027, with pricing expected to remain resilient through at least the middle of 2027.
Evercore ISI also maintained an Outperform rating and raised its price forecast to $3,100 from $1,400. The firm cited the durability of the company’s earnings and free cash flow, projecting that NAND supply-demand imbalances will persist through 2026 and 2027. Additionally, Citigroup reiterated a $2,500 price forecast on June 25 due to sustained AI-driven demand, while Bernstein lifted its forecast to $3,000 on June 30, citing SanDisk’s long-term enterprise SSD supply agreements. Upcoming Quarterly Earnings Report SanDisk is scheduled to report its quarterly financial results on Aug.
5. 24 billion. 90 billion. 1 times earnings and carries a consensus Buy rating.
23). 96), which is why longer-term bulls will still view this as a pullback inside a bigger uptrend rather than a broken chart. The moving-average structure is mixed but still constructive on higher timeframes, with the 20-day SMA above the 50-day SMA and the 50-day SMA above the 200-day SMA. 20 during premarket trading on Thursday, according to Pro data.
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