SanDisk Stock Gets New Price Target After It Breaks Its Downward Streak

SanDisk stock (NASDAQ: SNDK) broke its three-day downward streak on Thursday after rising 26% in the day’s trading session. The comeback was remarkable, as SNDK tested the $1,000 floor, falling to a low of $985 this week. The crash sent shivers down the spine, as billions of dollars were riding on the back of the high-bandwidth memory (HBM) manufacturer. The entire semiconductor sector was under pressure and saw a price erosion touching double digits.

The international quantitative trading firm Susquehanna Group has reiterated its buy rating on SanDisk stock. The financial group saw the recent price drop as a risk and lowered its new price target for SNDK. The firm noted that the semiconductor sector is cyclic in nature, and the downturn is much sharper than the uptick. While their price prediction is still bullish, they remain cautious on its prospects.

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SanDisk Stock: Susquehanna Group’s Latest Price Prediction on SNDK

Mehdi Hosseini, Susquehanna’s Senior Equity Research Analyst and Technology Hardware Analyst, predicted that SanDisk stock could reach a high of $3,050. While the forecast is bullish, he downgraded it from his previous estimate of $3,250. The firm downgraded its price prediction by $200, showcasing its cautiously bullish stance on the HBM giant. The demotion indicates that Wall Street is prepared for a semiconductor slump that could tighten up when the NAND supply increases.

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