SNDK Erases Its Q3 Fade in One Session as Cantor Hikes Its Target to $1,400
Sandisk's post-earnings fade got reclaimed in a single session. The HIP-3 perp ran from $1,020 back to $1,175, up 16.91% over 21h, as Cantor Fitzgerald lifted its price target to $1,400 and Morgan Stanley to $1,100, and the rest of the sell side caught up to a Q4 guide that calls for $30 to $33 in non-GAAP EPS against a Street near $22. Five new multi-year supply agreements now carry over $11 billion in committed customer financial guarantees, and management quietly nudged its calendar-2026 datacenter growth view to the mid-70s percent from the 60s percent.
Mover Brief
The Reversal
The HIP-3 perp on xyz:SNDK ran from yesterday's $1,020 close back to $1,175, up 16.91% over 21h, fully reversing the post-print fade we covered yesterday. That fade read as a profit-take on a name up over 3,300% in 12 months. May 1 was the rest of the desk catching up to the actual contents of the Q3 print. Spot equity changed hands near $1,099 by midday as the analyst tape thickened and a Q4 guide that nobody quite priced on Thursday started to feel real.
The Analyst Pile-On
The bid had help. Cantor Fitzgerald lifted its price target to $1,400 from $1,000. Morgan Stanley's Joseph Moore reiterated Buy and took his target to $1,100 from $690 — that one came pre-print and looks tame in hindsight. BofA went to $1,080 from $900. Citi to $980 from $875. Jefferies to $1,000 from $700. Consensus now sits near $1,099 with a $1,400 high and a Strong Buy rating from 11 of 12 analysts covering the name. None of those targets were a ceiling for a perp that just printed $1,175.
What the Print Actually Said
Thursday's tape priced one number — the $5.95B revenue beat against a $4.68B Street, the 251% YoY growth, and the 78.4% non-GAAP gross margin. Friday's tape is pricing the rest of it. The Q4 guide calls for $7.75 to $8.25B in revenue and $30 to $33 in non-GAAP EPS, against a Street that came in near $22. Datacenter revenue grew 233% sequentially. On the call, management revised its calendar-2026 datacenter sector growth view to the mid-70s percent from the 60s percent it had described three months earlier. Five multi-year supply agreements now stack to over $11 billion in firm customer financial guarantees, with more than a third of Sandisk's fiscal-2027 bit output already under committed offtake. CEO David Goeckeler called NAND 'the only economically viable solution' for real-time inference at scale, and the board approved a fresh $6B buyback on the same release. The fade was a flow event. The reclaim is the desk pricing what was actually in the document.
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Sources & Provenance
Citations below are preserved as structured Postgres source rows for this brief.
Citations Preserved
6
Reference links carried forward from the published mover record.
Original Signal
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Already onboarded? Open tracked market- 1Sandisk fiscal Q3 2026 earnings release (BusinessWire)businesswire.com
- 2Sandisk Q3 2026 earnings call transcript (Motley Fool)fool.com
- 3Morgan Stanley raises SNDK target to $1,100 ahead of Q3 (TipRanks)tipranks.com
- 4SNDK analyst forecast and consensus price targets (TipRanks)tipranks.com
- 5Sandisk Q3 revenue surges 251% on datacenter growth (Investing.com)investing.com
- 6Sandisk stock price and live quote (StockAnalysis)stockanalysis.com
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