Sandisk Keeps Fading Even as BofA and Mizuho Lift Targets Toward $2,200

No Company News, Just a Sector De-Risk

SNDK is down 8.47% over the trailing 21 hours to roughly $1,596, and there is no Sandisk-specific headline behind it. The slide is the back half of a round trip: the stock opened up as much as 9.8% on June 9 before reversing to finish down 3.5%, then kept bleeding lower into the next session. The pressure is top-down, not bottom-up — the Nasdaq Composite fell 3.2% and the S&P 500 dropped 1.6% that day as traders trimmed the whole AI-chip complex at once. Add a hot May jobs report of 172,000 nonfarm payrolls against an 80,000 forecast, which revived Fed rate-hike worries, plus the SpaceX IPO set for June 12 at a $1.77 trillion valuation pulling liquidity and attention out of crowded names. None of that touches Sandisk's flash business.

The Street Is Lifting Targets Into the Selloff

Here is the tell that this is positioning rather than a thesis break: analysts are raising their numbers while the stock drops. Bank of America moved its target to $2,100 from $1,550 with a Buy, and Mizuho lifted to $2,200 from $1,825 at Outperform — both well above the current ~$1,596 print. The fundamentals underwriting those calls landed in late April: fiscal Q3 revenue of $5.95 billion, up 251% year over year, with adjusted gross margin of 78.4% and a datacenter segment up 645% to $1.47 billion. Sandisk has also shifted off the commodity NAND spot market toward a contracted model, signing multi-year supply deals that left it with roughly $42 billion in remaining performance obligations, with NAND supply expected to stay tight into 2028–2029. The bull case got reinforced this week, not weakened.

A Parabola Exhaling

Frame the drawdown against the run that preceded it. This is a stock that went from about $36 to roughly $1,590 over the past year — north of 4,000%, including a 54.6% gain in May alone. A move that vertical gives back full sessions when the broad tape turns, and an 8.5% perp slide reads as a normal exhale, not a fundamental crack. With about $220 million in 24h volume on the HIP-3 perp, the book can swing fast on thin macro headlines and the perp can briefly diverge from spot in either direction. What matters from here is whether buyers defend the recent base or let the round trip extend back toward where the May breakout began.