TradingKey – SanDisk (SNDK) shares rose 13.7% on Wednesday to close at around $983. Although the stock remains well below its year-to-date high, Evercore ISI analyst Amit Daryanani believes the current pullback does not suggest that the growth thesis has reversed, setting a price target of $2,500.

This optimistic assessment primarily stems from structural shifts currently unfolding across the NAND flash memory industry. Historically, memory chipmakers maintained high production levels even as market demand softened in an effort to absorb steep fixed costs. This practice routinely triggered inventory gluts, oversupply, and falling prices, generating pronounced cyclical swings in industry profitability. Today, major manufacturers are…