Sandisk: A 35% Stock Decline, But RPO Tells A Different Story (Rating Upgrade)

Sandisk Corporation delivered strong Q1 2027 results, beating consensus with $11B revenue and $49.51 EPS, yet shares remain heavily discounted. Fundamentals are robust: RPO surged to $88.9B, NBM deals secure 50% of 2027 and 67% of 2028 volume at floor prices, enhancing revenue predictability. SNDK trades at just 9x earnings, down from 50x, offering 80–92% upside to $2,043–$2,169 if multiples normalize, supported by improved guidance and buybacks.