Overview
- Shares swung hard this week, falling nearly 5% after a bearish note on tight memory spot markets and then jumping about 8% as buyers returned.
- The move follows an April 30 quarter that crushed forecasts, with revenue at $5.95 billion, gross margin at 78.4%, and data‑center sales at $1.47 billion.
- Management guided fiscal Q4 revenue to $7.75–$8.25 billion and disclosed multi‑year supply agreements of about $42 billion with $11 billion in guaranteed termination fees.
- Wall Street boosted targets after the results, including Goldman Sachs to $1,200, Bernstein to $1,700, Bank of America to $1,550, Raymond James to $1,470, and Cantor Fitzgerald to $1,800.
- NAND flash prices have leapt on constrained supply, supporting higher margins for SanDisk while rekindling concerns about rich valuation and the memory cycle’s usual swings.