<div id="readability-page-1">SanDisk (NASDAQ:SNDK) stock is down 3.6% today at $1,284.62, pulling back alongside the broader chip sector. Citi Research is helping cushion the rotation, however, after reiterating its “buy” rating and raising its price target to $2,025 from $1,300. The firm pointed to ongoing memory shortages and an increase in share buybacks as reasons the flash-memory name could continue its historic rally. Wall Street remains overwhelmingly bullish on SNDK. Of the 22 analysts covering the stock, 18 still carry a “buy” or better rating. Even after today’s dip, SanDisk is up 3,320% over the past 12 months, though the shares are now pacing for a sixth loss in the last seven sessions. The stock appears to be finding support near the $1,200 level after its record run stalled around $1,600. Short sellers have been backing away during the rally as well. Short interest dropped 11% over the last two weeks and sits 34.3% lower over the past month, though 7.74% of the stock’s available float remains sold short. Meanwhile, SanDisk's Schaeffer’s put/call open interest ratio (SOIR) sits higher than 99% of readings from the past year, showing short-term options traders remain unusually put-heavy despite the stock’s massive run. What's more, SNDK'S Schaeffer's Volatility Scorecard (SVS) comes in at 87 out of 100, suggesting the equity has consistently realized lower volatility than its options have priced in.</div>

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SanDisk (NASDAQ:SNDK) stock fell 3.6% to $1,284.62, despite a 3,320% increase over the past year. Citi Research maintained a 'buy' rating and raised the price target to $2,025, citing memory shortages and share buybacks. Wall Street remains bullish, with 18 of 22 analysts recommending 'buy' or better. Short interest has decreased by 11% recently, while the stock's volatility score suggests lower volatility than expected.

SanDisk Stock Cools Off After Historic Rally