Goldman Sachs raised its 12-month price target for Kioxia Holdings to JPY 116,000 and maintained a Buy rating. The investment bank cited a severe NAND market supply-demand imbalance driven by robust AI data center demand.
The NAND price increase cycle is now projected to extend into mid-2027, with some segments lasting until 2028. Goldman Sachs increased its operating profit forecasts for Kioxia by 9% to 29% for fiscal years 2027 through 2029.
Major memory manufacturers are currently prioritizing DRAM investments over NAND. This shift is expected to delay significant new NAND supply until 2028, further strengthening Kioxia's market position.