Sandisk Corp $SNDK | This is Not Your Father's Sandisk; Initiating coverage with a Buy rating and $2,400 PT ~ Rosenblatt Management’s FY28–FY30 framework calls for mid-to-high-teens revenue growth, approximately 80% Non-GAAP gross margin, 75% Non-GAAP operating margin, and 50% adjusted free-cash-flow margin. Management attributes its confidence in this four-year outlook partly to New Business Model agreements with eight of the world’s largest NAND customers, which we estimate may cover approximately 65% of FY28 production. These agreements could increase demand visibility and reduce historical NAND-cycle volatility. Based on the framework, we conservatively estimate FY30 Non-GAAP EPS of approximately $300 per share.