Bernstein significantly raises SNDK target price to $3000

BlockBeats News, June 30th, Bernstein analyst Mark Newman raised the company's price target for SNDK from $1700 to $3000 and maintained an "Outperform" rating on the stock.

The company noted that the new Long-Term Agreements (LTAs) are different from the old agreements, as the old LTAs were customer-biased, while the new LTAs have fixed or range-bound prices, including prepayment commitments to lock in customers and protect downside risks, with longer terms.

According to the data provided by the company, the company estimates the floor price in SanDisk's recent signed LAs to be 29 cents per GB, significantly lower than Micron's floor price in the second quarter, the analyst said in a research report to investors.