Fox Advisors downgrades Sandisk to Equal Weight; stock sinks 6.6% Monday
What happened
Fox Advisors downgraded Sandisk (SNDK) from Overweight to Equal Weight on Monday, November 2, sending the stock down 6.6% to $1,075.08 (as low as $1,067.40 intraday). The downgrade landed alongside a cluster of target cuts: RBC lowered its price target to $1,400 from $1,600 (Sector Perform), and Wells Fargo cut its target to $1,300 from $1,550 with an Equal Weight rating late last week. It also comes amid a broader memory-stock selloff after Kioxia's cautious outlook raised fears the flash-memory price surge could fade. Bulls still hold sway: Mizuho raised its target to $2,050, Evercore has a $3,100 Outperform target, and the consensus remains Moderate Buy with a ~$2,056 average target.
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Start your free 14-day trialWho’s affected
- Sandisk (SNDK): downgraded to Equal Weight; fell 6.6% Monday to $1,075.08
- Memory/semiconductor sector: RBC, Wells Fargo, Susquehanna all trimmed Sandisk targets; read-through for Micron and SK hynix on NAND pricing durability
- AI infrastructure names: Sandisk's selloff adds to Monday's broader chip-rout tape (SOX -3.37%)
Sources