By pro.thestreet.com
Publication Date: 2026-08-07 17:00:00
Over the past few weeks, it’s become commonplace to see tech stocks sell off after beating earnings estimates. Watching Sandisk (SNDK) get hammered at Thursday’s open continued that recent pattern.
Sandisk dropped by over 7% at the open, despite crushing earnings estimates by 12%. Revenue came in about 6% stronger than expected, but the company’s forward guidance was tepid.
Sandisk has been something of a poster child for the tech rally. The stock has gained 2,950% over the past 12 months, despite a 43% decline over the past six weeks.
Jeffries had an interesting take on Sandisk, maintaining its buy rating while cutting its price target nearly in half, from $3,000 to $1,750. Jeffries pointed to Sandisk’s soft guidance for the current quarter, but the stock’s price action has hinted at trouble since it peaked above $2,300 in June.
Citigroup also maintained its buy rating, while lowering its target price from $2,500 to $2,100.
