Sandisk shares dipped to $1,394.83, below the $1,400 level, after falling 13.34% over the past week while the S&P 500 slipped 0.28%. The selloff followed China's CXMT saying it will begin producing next-generation memory chips aimed at taking share from U.S. and Korean suppliers. In its fiscal fourth quarter, Sandisk posted non-GAAP EPS of $39.25 versus a $33.28 consensus and revenue of $8.96 billion, up 371.6%, and it guides to $44.00–$46.00 EPS for the current quarter. The article notes that the 84.6% non-GAAP gross margin may be a peak-cycle figure, and the stock trades at 16.9 times book value. The consensus target of $2,173 implies 55.8% upside, though targets are estimates and not guaranteed.
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