<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/SanDisk-NAND-products.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1619" height="972" original-src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/SanDisk-NAND-products.png"/></p>
<p>周二，闪迪（Sandisk，股票代码：SNDK）股价下跌 1.5%，尽管花旗研究大幅上调了该闪存公司的目标价，原因是与人工智能基础设施和超大规模数据中心扩展相关的 NAND 存储需求加速增长。</p>
<p>花旗将闪迪股票的目标价从 1,300 美元上调至 2,025 美元，同时维持对该股票的 “买入” 评级。</p>
<p>新的目标价意味着相较于周一收盘价 1,333.01 美元，约有 52% 的上涨空间。</p>
<p>这一乐观展望是在闪迪股票经历历史性反弹之后提出的。</p>
<p>在过去 12 个月中，随着企业固态硬盘（eSSDs）需求的快速增长，闪迪股票上涨超过 3,200%。</p>
<p>花旗分析师 Asiya Merchant 表示，内存市场继续受益于紧张的供应状况和强劲的客户需求。</p>
<p>“我们对高度有利的 [供需] 环境持建设性看法，并且通过 [2030] 年与客户需求对话的明确迹象表明这种需求将持续，” Merchant 写道。</p>
<h2>人工智能基础设施推动 NAND 需求上升</h2>
<p>花旗的升级展望部分得益于日本内存制造商 Kioxia Holdings 最近强劲的财报，该公司与闪迪有着密切的合作关系。</p>
<p>Kioxia 报告称，季度收入增长约 85%，年增长约 190%，并预测 NAND 闪存市场将持续供应紧张。</p>
<p>根据花旗的说法，来自超大规模云服务提供商扩展生成式人工智能训练和推理系统的需求正在推动企业 SSD 价格的快速增长。</p>
<p>该券商预计，2026 年 NAND 平均售价将同比上涨超过 186%，企业 SSD 价格可能以更快的速度上涨。</p>
<p>Kioxia 还预测，整体 NAND 内存需求可能在至少 2027 年前持续超过供应。</p>
<p>闪迪于 2025 年 2 月从西部数据分拆出来，越来越专注于企业和云存储市场，同时继续运营其消费类闪存业务。</p>
<p>花旗表示，该公司与 Kioxia 的合作关系以及对与人工智能相关的存储需求的曝光，使闪迪在不断发展的半导体内存行业中处于有利位置。</p>
<h2>股票回购增强乐观展望</h2>
<p>分析师还指出，闪迪最近宣布的 60 亿美元股票回购授权可能成为盈利增长的另一个潜在驱动因素。</p>
<p>花旗估计，随着自由现金流的改善，回购计划可能会在一段时间内显著提升每股收益。</p>
<p>每减少 1% 的闪迪股票数量，花旗估计每股收益可能增加约 2 美元。</p>
<p>该券商指出，其当前的财务模型尚未完全纳入未来回购的影响，这表明在新提高的目标价之外可能还存在额外的上涨空间。</p>
<p>更广泛的分析师社区对该公司的前景也保持了相对乐观的态度。</p>
<p>在 FactSet 追踪的 26 家公司中，目前有 20 家将闪迪股票评级为 “买入”，而仅有一家将该股票评级为 “卖出”。</p>
<p>花旗据报道是第五家对该股票设定至少 2,000 美元目标价的华尔街公司。</p>
<h2>尽管势头强劲，风险依然存在</h2>
<p>尽管前景乐观，花旗警告称，几个风险仍可能影响闪迪及更广泛的内存芯片行业的长期发展轨迹。</p>
<p>潜在的供应过剩状况、来自中国制造商的竞争加剧，以及全球人工智能基础设施或数据中心支出的任何放缓，都可能对价格和盈利能力施加压力。</p>
<p>与此同时，另一家内存芯片公司美光科技股价下跌，而数据存储公司希捷科技和西部数据在交易时段内也均下跌超过 4%。</p>
<p>这篇文章的标题为《闪迪股票下滑：为何这位分析师仍然看到 50% 的上涨空间》，首次出现在 Invezz 上。</p>

闪迪

<p>尽管花旗研究将其目标价从 1,300 美元上调至 2,025 美元，暗示潜在的 52% 上涨空间，闪迪的股价仍下跌了 1.5%。这一乐观前景源于与人工智能基础设施和数据中心扩张相关的 NAND 存储需求强劲。闪迪的股票在过去一年中飙升了超过 3,200%。分析师还指出，60 亿美元的股票回购可能会提升收益。然而，潜在的供应过剩和竞争等风险依然存在</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/SanDisk-NAND-products.png" alt="" original-src="https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/SanDisk-NAND-products.png"/></p>
<p>Shares of Sandisk (SNDK) fell 1.5% on Tuesday even as Citi Research sharply raised its price target on the flash memory company, citing accelerating demand for NAND storage tied to artificial intelligence infrastructure and hyperscale data center expansion.</p>
<div class="lb-trans"><p>周二，闪迪（Sandisk，股票代码：SNDK）股价下跌 1.5%，尽管花旗研究大幅上调了该闪存公司的目标价，原因是与人工智能基础设施和超大规模数据中心扩展相关的 NAND 存储需求加速增长。</p>
</div><p>Citi lifted its target price on Sandisk shares to $2,025 from $1,300 while maintaining a “Buy” rating on the stock.</p>
<div class="lb-trans"><p>花旗将闪迪股票的目标价从 1,300 美元上调至 2,025 美元，同时维持对该股票的 “买入” 评级。</p>
</div><p>The new target implies roughly 52% upside from Monday’s closing price of $1,333.01.</p>
<div class="lb-trans"><p>新的目标价意味着相较于周一收盘价 1,333.01 美元，约有 52% 的上涨空间。</p>
</div><p>The bullish outlook comes after a historic rally in Sandisk shares.</p>
<div class="lb-trans"><p>这一乐观展望是在闪迪股票经历历史性反弹之后提出的。</p>
</div><p>The stock has surged more than 3,200% over the past 12 months as demand for enterprise solid-state drives, or eSSDs, increased rapidly alongside the global buildout of AI infrastructure.</p>
<div class="lb-trans"><p>在过去 12 个月中，随着企业固态硬盘（eSSDs）需求的快速增长，闪迪股票上涨超过 3,200%。</p>
</div><p>Citi analyst Asiya Merchant said the memory market continues benefiting from tight supply conditions and strong customer demand.</p>
<div class="lb-trans"><p>花旗分析师 Asiya Merchant 表示，内存市场继续受益于紧张的供应状况和强劲的客户需求。</p>
</div><p>“We remain constructive on a highly favorable [supply-demand] environment with clear indications of persistence with customer demand conversations through [2030],” Merchant wrote.</p>
<div class="lb-trans"><p>“我们对高度有利的 [供需] 环境持建设性看法，并且通过 [2030] 年与客户需求对话的明确迹象表明这种需求将持续，” Merchant 写道。</p>
</div><h2>AI infrastructure drives NAND demand higher</h2>
<div class="lb-trans"><h2>人工智能基础设施推动 NAND 需求上升</h2>
</div><p>Citi’s upgraded outlook was supported partly by strong recent earnings from Japanese memory manufacturer Kioxia Holdings, which partners closely with Sandisk.</p>
<div class="lb-trans"><p>花旗的升级展望部分得益于日本内存制造商 Kioxia Holdings 最近强劲的财报，该公司与闪迪有着密切的合作关系。</p>
</div><p>Kioxia reported approximately 85% sequential revenue growth and around 190% annual growth while forecasting continued supply tightness across the NAND flash memory market.</p>
<div class="lb-trans"><p>Kioxia 报告称，季度收入增长约 85%，年增长约 190%，并预测 NAND 闪存市场将持续供应紧张。</p>
</div><p>According to Citi, demand from hyperscale cloud providers expanding generative AI training and inference systems is driving rapid growth in enterprise SSD pricing.</p>
<div class="lb-trans"><p>根据花旗的说法，来自超大规模云服务提供商扩展生成式人工智能训练和推理系统的需求正在推动企业 SSD 价格的快速增长。</p>
</div><p>The brokerage expects NAND average selling prices to rise more than 186% year over year in 2026, with enterprise SSD pricing potentially increasing at an even faster pace.</p>
<div class="lb-trans"><p>该券商预计，2026 年 NAND 平均售价将同比上涨超过 186%，企业 SSD 价格可能以更快的速度上涨。</p>
</div><p>Kioxia also projected that overall demand for NAND memory could continue exceeding supply through at least 2027.</p>
<div class="lb-trans"><p>Kioxia 还预测，整体 NAND 内存需求可能在至少 2027 年前持续超过供应。</p>
</div><p>Sandisk, which was spun out from Western Digital in February 2025, has increasingly focused on enterprise and cloud storage markets while continuing to operate its consumer flash-storage business.</p>
<div class="lb-trans"><p>闪迪于 2025 年 2 月从西部数据分拆出来，越来越专注于企业和云存储市场，同时继续运营其消费类闪存业务。</p>
</div><p>Citi said the company’s partnership with Kioxia and exposure to AI-related storage demand position Sandisk favorably within the evolving semiconductor memory industry.</p>
<div class="lb-trans"><p>花旗表示，该公司与 Kioxia 的合作关系以及对与人工智能相关的存储需求的曝光，使闪迪在不断发展的半导体内存行业中处于有利位置。</p>
</div><h2>Share buybacks add to bullish outlook</h2>
<div class="lb-trans"><h2>股票回购增强乐观展望</h2>
</div><p>Analysts also pointed to Sandisk's recently announced $6 billion share repurchase authorization as another potential driver for earnings growth.</p>
<div class="lb-trans"><p>分析师还指出，闪迪最近宣布的 60 亿美元股票回购授权可能成为盈利增长的另一个潜在驱动因素。</p>
</div><p>Citi estimates the buyback program could materially boost earnings per share over time as free cash flow improves.</p>
<div class="lb-trans"><p>花旗估计，随着自由现金流的改善，回购计划可能会在一段时间内显著提升每股收益。</p>
</div><p>For every 1% reduction in Sandisk’s share count, Citi estimates earnings per share could increase by roughly $2.</p>
<div class="lb-trans"><p>每减少 1% 的闪迪股票数量，花旗估计每股收益可能增加约 2 美元。</p>
</div><p>The brokerage noted that its current financial model does not yet fully incorporate the impact of future repurchases, suggesting additional upside could exist beyond the newly raised price target.</p>
<div class="lb-trans"><p>该券商指出，其当前的财务模型尚未完全纳入未来回购的影响，这表明在新提高的目标价之外可能还存在额外的上涨空间。</p>
</div><p>The broader analyst community has also remained largely positive on the company’s outlook.</p>
<div class="lb-trans"><p>更广泛的分析师社区对该公司的前景也保持了相对乐观的态度。</p>
</div><p>Among 26 firms tracked by FactSet, 20 currently rate Sandisk shares as a Buy, while only one firm rates the stock as a Sell.</p>
<div class="lb-trans"><p>在 FactSet 追踪的 26 家公司中，目前有 20 家将闪迪股票评级为 “买入”，而仅有一家将该股票评级为 “卖出”。</p>
</div><p>Citi is reportedly the fifth Wall Street firm to assign a price target of at least $2,000 to the stock.</p>
<div class="lb-trans"><p>花旗据报道是第五家对该股票设定至少 2,000 美元目标价的华尔街公司。</p>
</div><h2>Risks remain despite strong momentum</h2>
<div class="lb-trans"><h2>尽管势头强劲，风险依然存在</h2>
</div><p>Despite the optimistic outlook, Citi cautioned that several risks could still affect the long-term trajectory for Sandisk and the broader memory-chip sector.</p>
<div class="lb-trans"><p>尽管前景乐观，花旗警告称，几个风险仍可能影响闪迪及更广泛的内存芯片行业的长期发展轨迹。</p>
</div><p>Potential oversupply conditions, increasing competition from Chinese manufacturers, and any slowdown in global AI infrastructure or data-center spending could pressure pricing and profitability.</p>
<div class="lb-trans"><p>潜在的供应过剩状况、来自中国制造商的竞争加剧，以及全球人工智能基础设施或数据中心支出的任何放缓，都可能对价格和盈利能力施加压力。</p>
</div><p>Meanwhile, fellow memory-chip company Micron Technology traded lower, while data-storage firms Seagate Technology and Western Digital also fell more than 4% lower during the session.</p>
<div class="lb-trans"><p>与此同时，另一家内存芯片公司美光科技股价下跌，而数据存储公司希捷科技和西部数据在交易时段内也均下跌超过 4%。</p>
</div><p>The post SanDisk stock slips: why this analyst still sees a 50% upside appeared first on Invezz</p>
<div class="lb-trans"><p>这篇文章的标题为《闪迪股票下滑：为何这位分析师仍然看到 50% 的上涨空间》，首次出现在 Invezz 上。</p>
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闪迪股票下跌：为何这位分析师仍然认为有 50% 的上涨空间