Sandisk Sinks 24% in 5 Days -- This $2,500 Projection Suggests It's Not Time to Panic
A few rough days shouldn't overshadow Sandisk's potential to reward shareholders over the next several years.
Overview
Sandisk's (NASDAQ: SNDK) stock price has had a sensational run over the last 12 months, climbing over 3,100%. For anyone who invested recently, however, the period from July 13 to July 17 was jarring.
Several issues pushed the Sandisk stock price lower. Broadly, geopolitical uncertainty seemingly drove a rotation out of tech stocks. But specifically on July 17, a new artificial intelligence (AI) model out of China rattled U.S. chip stocks hard. From July 13 to July 17, Sandisk shares dropped 24.5%.
Details
That said, it's not time to press the panic button. Sandisk is turning unprecedented demand for its memory and storage solutions into massive revenue growth, it's locking in long-term deals, and a $2,500-per-share price target projection suggests the stock still has plenty of room to run higher from today's prices.
Source
Originally published at www.fool.com.