SNDK ▼ -1.1% - Sandisk Corporation $SNDK int Buy @ Rosenblatt pt 2400 Rosenblatt Management’s FY28–FY30 framework calls for mid-to-high-teens revenue growth, approximately 80% Non-GAAP gross margin, 75% Non-GAAP operating margin, and 50% adjusted free-cash-flow margin. Management attributes its confidence in this four-year outlook partly to New Business Model agreements with eight of the world’s largest NAND customers, which we estimate may cover approximately 65% of FY28 production. These agreements could increase demand visibility and reduce historical NAND-cycle volatility. Based on the framework, we conservatively estimate FY30 Non-GAAP EPS of approximately $300 per share. Sandisk fell 1.1% despite a Rosenblatt buy rating and $240 price target, based on the firm's forecast of mid-to-high-teens revenue growth through FY30 with expanding margins and an estimated $300 non-GAAP EPS by that year. The bullish case rests on new long-term supply agreements with eight major NAND customers covering roughly 65% of production, which management believes will improve demand visibility and reduce historical cyclicality in the chip market. 21-SEP-2026 05:27 PM ET