US Stock Market Move | Storage concept stocks collectively rose, SanDisk (SNDK.US) rose nearly 13%

On Monday, US storage concept stocks collectively rose, with SanDisk (SNDK.US) up nearly 13%, Western Digital Corporation (WDC.US) and Micron Technology, Inc. (MU.US) up over 6%, and Seagate Technology Holdings PLC (STX.US) up over 4%. In terms of news, Bank of America Corp had previously stated that after holding an investor meeting with SanDisk CEO David Goeckler and CFO Luis Visoso, the bank further strengthened its bullish position on the storage chip manufacturer. Analyst Wamsi Mohan wrote in a report to clients: "The following factors make us more bullish about the stock: Expected NAND flash market to remain supply-constrained at least until the end of 2026; Strong growth in demand from data centers and artificial intelligence (AI); NAND industry inventory is low; SanDisk is expanding enterprise solid-state disk (eSSD) production capacity, which is expected to increase market share; The company is continuously transitioning to the BiCS8 process node; and customer demand visibility continues to improve." Mohan reiterated his "buy" rating and raised his target price from $270 to $300.