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Pathikrit Bose

As SK Hynix Debuts on the Nasdaq, Wedbush Is Still Betting on More Upside for Sandisk Stock Too

SanDisk SK Hynix Wedbush Memory SNDK Kioxia HBF

Artificial intelligence (AI) has been acting as a rising trade for numerous ancillary industries. Nowhere is that more visible than in memory names. With shares of South Korean chip giant SK Hynix (SKHYV) set to commence trading today, and the prevailing elevated prices, the excitement around the memory trade is palpable.

Now, Wedbush has weighed in by raising the price target on Sandisk (SNDK), which specializes in NAND products. The firm sees Sandisk reporting revenues of $8.89 billion in its fiscal Q4. This is higher than both the company's own estimate of $8 billion (midpoint) and the consensus estimate of $8.31 billion. The firm's earnings estimate for the company at $37.64 also exceeds that of the company's estimated earnings of $31.5 per share (midpoint) and the consensus estimate of $33.88 per share.

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