Goldman Sachs: SanDisk NBM Locks in 80% Gross Margin, Price Target Set at $2,200

According to a Goldman Sachs report dated September 9, 2026, SanDisk's long-term NBM agreements cover 50% and 67% of FY27 and FY28 shipment targets. The company's price floor mechanism ensures an 80% gross margin even during NAND price downturns. SanDisk noted that supply growth remains constrained and Chinese competitors' capacity is largely absorbed by local markets. The company continues to prioritize share buybacks, having already executed $4.5 billion.