伯恩斯坦表示，日本存储芯片厂商铠侠股价估值高出合理水平50%，且NAND闪存价格大概率将于2027年触顶，并重申该股“跑输大盘”评级。

　　马克·李等分析师周一发布研报称，短期来看股价仍有上涨动能，并将铠侠目标价由17000日元上调至40000日元。

　　2027年上半年前后，NAND闪存价格或将见顶、企业盈利增速放缓，市场对该股的估值预期届时或将重新修正。

　　铠侠当前高利润率源于突发的需求暴涨，而NAND闪存行业的市场竞争只会愈发激烈。

　　分部加总估值模型进一步印证我方观点：该股中长期适宜做空。

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