SanDisk Corporation (NASDAQ:SNDK) is set to address investors at the Bernstein Insights: in Tech? 4th Annual TMT Forum tonight at 6:30 p.m. ET. Ahead of the presentation, Lynx Equity Strategies analyst KC Rajkumar described the current NAND flash supply shortage as 'unprecedented' in a research note.

Rajkumar expects SanDisk's CEO and CFO to discuss the ongoing supply-demand imbalance and ongoing negotiations with Tier1 cloud service providers regarding multi-year non-cancellable supply agreements. The analyst noted that while DRAM capacity is expected to come online by the second half of 2027, NAND flash buyers may need to wait until 2028 for meaningful relief from the shortage.

Based on SanDisk management comments during the earnings call, Rajkumar expressed confidence that 2026 earnings per share could reach $90 to $100. The analyst views current pullbacks as buying opportunities, highlighting that this cycle differs significantly from previous NAND market cycles due to the extended duration of supply constraints.