目标价1000美元！华尔街最看好闪迪的机构，估值测算的PE倍数只有11倍

Core Viewpoint - Bernstein analyst Mark C. Newman raised SanDisk's target price from $580 to $1000, a 72% increase, based on a projected EPS of $90.96 for FY2027, corresponding to a P/E ratio of only 11 times [1][10]. Financial Performance - SanDisk's Q2 FY2026 revenue reached $3 billion, a 31% year-over-year increase, exceeding market expectations of $2.673 billion by 13.2% [2]. - Non-GAAP gross margin expanded to 52.1%, significantly above the market expectation of 42%, and operating margin reached 37.5%, surpassing the expected 24.4% [2]. - Non-GAAP EPS was reported at $6.20, exceeding the market expectation of $3.49 by 77.4% [2]. Margin Expansion Drivers - Margin expansion was driven by a significant increase in average selling price (ASP), which surged over 35% quarter-over-quarter, and a notable reduction in unit costs by approximately 9% [5]. - Factory startup costs decreased to $24 million from $72 million in the previous quarter, contributing to the overall cost reduction [5]. Q3 Guidance and Stock Catalyst - The Q3 guidance is expected to be a major catalyst for stock price increase, with projected revenue of $4.4 to $4.8 billion, indicating a 53% quarter-over-quarter growth [6]. - Non-GAAP gross margin guidance for Q3 is set at 65-67%, which would represent a 1490 basis point increase [6]. - Non-GAAP EPS is projected to reach $12-14, significantly higher than the analyst's base case estimate of $6.5 [6]. Earnings Forecast Adjustments - Earnings forecasts for FY2026 and FY2027 have been significantly raised to $38.92 and $90.96 per share, respectively, with the latter being 188% higher than market consensus [7]. - FY2026 revenue forecast is now $15.145 billion, up 28.8% from previous estimates, while FY2027 revenue is projected at $25.766 billion, a 43.9% increase [11]. Data Center Demand and AI Influence - SanDisk is strategically prioritizing supply allocation to data centers over PC/mobile devices, with data center revenue growing 64% quarter-over-quarter [8]. - Management has raised the outlook for data center demand growth to over 60% by 2026, driven by AI workloads [8][9]. Valuation and Market Position - The new target price of $1000 reflects an EV/FCF multiple of 10.3 times, which is 195% higher than market consensus [10]. - Despite a year-to-date stock increase of 127.2% and over 1100% in the past 12 months, the current valuation remains attractive due to future earnings growth potential [10].