Barclays大幅提高SanDisk的目标价格至2300美元

Barclays has upgraded the stock rating of the memory chip company SanDisk from "hold" to "buy" and significantly raised the target price from $1,200 to $2,300. Encouraged by this news, SanDisk's stock price rose by nearly 3% before the market opened.

Barclays analyst Tom O'Malley pointed out in his report, "The storage and memory sector is the most attractive segment after accelerator chips." Due to the surging demand from AI servers and data centers, the imbalance of supply and demand in the global storage industry is expected to continue at least until 2027. This structural change is enhancing the profitability stability of manufacturers, breaking the traditional cyclical logic of drastic price fluctuations in the past.

The innovation of SanDisk's contract model is the core factor for institutional favorability. The company is massively promoting a new business model, requiring clients to sign long-term supply agreements extending up to 2031, including a quarterly increasing purchase commitment, fundamentally changing the traditional form of cooperation.

The three contracts signed by SanDisk in the latest quarter will bring in at least $42 billion in minimum revenue. These contracts are also accompanied by over $11 billion in financial guarantees, with some being customer prepayments and others supported by third-party financial institutions. SanDisk previously recognized about $400 million of these prepayments on their balance sheet in the third quarter.

This long-term supply and demand locking model is widely welcomed in the AI storage ecosystem at present. Tom O'Malley believes that this "fundamentally changes the way storage manufacturers decide and allocate their businesses," making the operating environment more secure. It not only locks in supplies for customers in advance but also enhances SanDisk's revenue visibility and strengthens defenses during downturn periods.