Company Report | Semiconductor , 2025 Equity Research Hold Target price: $239 Downgrade ] Zhou Yang SFC CE No. BSF949 zhouyang@gfgroup.com.hk Jeff Pu, CFA Dec 11 SanDisk (SNDK US) SFC CE No. BNO719 jeffpu@gfgroup.com.hk Michelle Jing SFC CE No. BUK594 michellejing@gfgroup.com.hk Time for a break Consumer weakness pressuring 2Q26: We believe NAND pricing will be pressured starting 2Q26 due to weakening consumer electronics demand. We are witnessing major local Android OEMs and Samsung planning at least 10% u ...