SanDisk price target raised to $96, named Top Pick at Morgan Stanley

Morgan Stanley raised the firm’s price target on SanDisk (SNDK) to $96 from $70 and keeps an Overweight rating on the shares, which were also moved to Top Pick by the U.S. Semiconductor team. NAND had previously been left out of the “heated” AI investment landscape over the past two years, but growth has finally returned with increasing demand from AI inference and the requirements for high-speed, high-capacity storage, the analyst tells investors. The firm estimates that the AI NAND market will account for 34% of the global NAND market by 2029, adding an incremental $29B to the total addressable market, the analyst added.