Equity Long-Short

Mo Aziz

Capital markets veteran with 25 years across sell-side and buy-side research, investor relations, and fund management. Currently publish independent equity research (Mofferies Investment Research, via Smartkarma) spanning semiconductor memory (DRAM/NAND/HBM), foundry, semiconductor equipment and advanced packaging, gold and cross-asset strategy, financials forensics, and APAC IPOs — with a standing watchlist of 190+ companies across 41 countries. Background includes deep aviation-sector expertise (airlines, airports, OEMs, lessors, air cargo, travel/OTAs). Approach centers on identifying cyclical inflection points and mispriced risk across sectors, translated into explicit, actionable calls.

SanDisk (SNDK US) Investor Day 2026: The Earnings Floor Has Moved — TP Raised to US$2,050

SanDisk (SNDK US): From Spinoff to AI-Memory Powerhouse — 80% Margins, $42bn RPO and HBF Optionality

SANDISK CORPORATION (SNDK US): Initiate with a NEUTRAL (TP US$1,950)

Equity Bottom-Up

<ul>
<li>Q4 FY2026 revenue of $8.97bn (+51% QoQ, +372% YoY) and non-GAAP EPS of $39.25 <strong>beat guidance and consensus</strong>; Q1 FY2027 revenue guidance of $10.55bn came in below Street's $10.62bn.</li>
<li>New Business Model backlog rose to $93.9bn minimum contracted revenue across 8 customers, with RPO of $91.1bn pro forma including deals signed after quarter-end.</li>
<li>
<strong>We upgrade to BULLISH, TP US$1,860</strong>, set at 10x FY2027E EPS of $186 — a 10% discount to Micron's 11x, reflecting SanDisk's NAND-only exposure without HBM optionality. </li>
</ul>


Q4 FY2026 revenue of $8.97bn (+51% QoQ, +372% YoY) and non-GAAP EPS of $39.25 beat guidance and consensus; Q1 FY2027 revenue guidance of $10.55bn came in below Street's $10.62bn.
New Business Model backlog rose to $93.9bn minimum contracted revenue across 8 customers, with RPO of $91.1bn pro forma including deals signed after quarter-end.

We upgrade to BULLISH, TP US$1,860, set at 10x FY2027E EPS of $186 — a 10% discount to Micron's 11x, reflecting SanDisk's NAND-only exposure without HBM optionality. 


SanDisk (SNDK US): 4QFY26 Results Beat, Guidance Missed on the Margin — Upgrade to BULLISH

Sandisk Corp

SanDisk (SNDK US): 4QFY26 Results Beat, Guidance Missed on the Margin — Upgrade to BULLISH