Goldman Sachs: SanDisk NBM Locks in 80% Gross Margin, Target Price Seen at $2,200
Source：
www.techflowpost.com
According to TechFlow research, a Goldman Sachs research report dated September 9, 2026 notes that SanDisk revealed at the Communacopia conference that long-term NBM agreements have covered 50% and 67% of the planned shipment volumes for FY27 and FY28, respectively. Even under a bearish scenario of declining NAND prices, floor price clauses can still sustain a gross margin of approximately 80%. Supply-side expansion is constrained, with new capacity from Chinese competitors largely absorbed by the domestic market. HBF and KV cache unlock long-term growth potential, while low capital intensity of around 5% supports bit growth. The company has executed approximately $4.5 billion in share repurchases.
