Overview
- Shares set a new all-time high, touching $1,418.88 intraday and closing at $1,406.32 as investors piled in after earnings.
- Sandisk reported FQ3 revenue of about $5.95 billion and swung to $3.615 billion in GAAP net income from a year-ago loss.
- Management projected FQ4 revenue of $7.75 billion to $8.25 billion and non-GAAP earnings of $30 to $33 per share, with gross margin guidance of 79% to 81%.
- Results were fueled by a surge in data center sales and firmer NAND flash pricing, the memory chips used in solid-state storage for servers and devices.
- Analysts raised price targets, including $1,500 at Fox Advisors and a $1,700 call from Bernstein, even as reports cautioned about semiconductor cycles and a near 40-times earnings valuation.