SanDisk Sinks to $1,765 as the Memory Selloff Deepens While Analysts Lift Targets

The Catalyst: A Warning, Then a Two-Day Unwind

SNDK is down roughly 14.9% over the past twelve hours to about $1,765, extending a slide that began the moment Q3 opened. The proximate trigger was macro, not company-specific: Morningstar's director of research warned that a large slice of AI names could give back 20% to 30% before they're buyable again, singling out memory as the most stretched corner of the trade.

That kind of comment only bites a stock priced for perfection — and after a parabolic first half, SanDisk qualified. This is the same complex-wide de-risking that hit the tape the day before; it simply carried into a second session as leveraged longs and profit-takers kept heading for the exit.

Targets Keep Rising Into the Selling

The tell that this is a positioning reset rather than a fundamentals break is the analyst tape moving in the opposite direction of the price. Bank of America lifted its target to $2,500 from $2,100 with a Buy, arguing the NAND supply-and-demand imbalance and firm pricing should persist through 2027. Days earlier, Bernstein's Mark Newman took his target to $3,000 from $1,700, citing long-term supply agreements with fixed or range-bound pricing that reduce earnings volatility.

Both numbers sit well above spot even after the drop, against a stock still up more than 700% year to date. When sell-side estimates are climbing while the tape falls, you are usually watching leverage and gains get unwound — not the earnings story getting marked down.

A Sector-Wide Glut Scare

None of this was SanDisk-specific. The same session, Seagate and Western Digital each fell about 7% and Micron slid 4% — a synchronized memory-complex drawdown, not a single-name break.

The bear case is supply. Announced capacity additions from Samsung and SK Hynix are expected to soften pricing as output catches up with demand, and the selling was led out of Korea, where SK Hynix and Samsung dragged the KOSPI lower. Layer in reports that Apple is steering cheaper mobile-memory orders toward a Chinese fab and the widely held view that AI capex peaks in 2026, and you have the raw material for a valuation reset across every name that rode NAND pricing higher. The question the tape is now asking is whether the shortage narrative that took SanDisk up 8x holds once new fabs come online.