Goldman Sachs Report: SanDisk NBM Secures 80% Gross Margin, 26% Upside Potential

SanDisk revealed at the Communacopia conference that its long-term agreements (NBM) cover 50% and 67% of projected shipments for FY27 and FY28, respectively. These agreements include price floors that support an 80% gross margin even in bearish NAND pricing scenarios. Goldman Sachs maintained a 'Buy' rating with a 12-month price target of $2,200, representing a 26.6% upside from the current $1,738 price. The firm highlights SanDisk's shift from cyclical volatility to structural growth, driven by data center demand and AI inference.