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#闪迪获Rosenblatt买入评级，目标价2400美元 $2400 is 10 times SanDisk's FY2028 earnings per share. It assumes a long-term gross margin of about 80%, based on SanDisk's own 8/12. ▪️ Rosenblatt initiated coverage on 9/22 with a buy rating and a $2400 target price; the stock closed at $1887 that day ▪️ Production is locked in by multi-year agreements with 8 customers: minimum revenue of $93.9 billion, remaining performance obligations of $91.1 billion, $16.5 billion guaranteed, covering about two-thirds of bit shipments for FY2028 ▪️ The cost is on the other side: FQ4 revenue of $8.97 billion, up 51% quarter-over-quarter (previous quarter +97%), two-thirds driven by price increases rather than volume; gross margin peaked at 84.6%, next quarter guidance 83–85% ▪️ Micron has a similar setup: 16 take-or-pay contracts covering about one-third of NAND volume, $100 billion minimum revenue, expected to receive $10 billion customer deposits this quarter The disagreement is not about whether AI demand can turn into orders. In this link, both companies no longer rely on demand but on contracts — long-term contracts lock in the floor, selling the upside of price increases. Are orders locked by long-term contracts considered demand or financing?