This article first appeared on GuruFocus.

Sandisk (NASDAQ:SNDK) remained under pressure after issuing softer-than-expected near-term revenue guidance, but several Wall Street firms said they continue to see favorable long-term fundamentals for the NAND memory market, according to analysts’ notes released Thursday.

Evercore ISI lowered its price target on Sandisk to $2,800 from $3,100 while maintaining an Outperform rating. The firm said September-quarter revenue guidance came in slightly below expectations, but projected gross margins of 83% to 85% exceeded consensus estimates. Analysts also pointed to five new long-term agreements that cover more than half of fiscal 2027 NAND bit shipments, improving…