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Sandisk (NASDAQ: SNDK) stock slumped 3.8% through 10:05 a.m. ET Thursday morning, giving back all the gains the stock enjoyed from yesterday's endorsement by Citigroup.
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Citi analyst Asiya Merchant yesterday reiterated her buy rating and $2,100 price target on Sandisk stock (which now costs less than $1,700), and the arguments should sound familiar to anyone who's been following the stock this year.
Growth in artificial intelligence is driving demand for NAND flash memory chips, and Merchant believes the longer-term demand trends look favorable for the stock -- both from hyperscalers building out their data centers and from ordinary, non-AI companies as well.