SanDisk (SNDK) shares have been coming under pressure recently from concerns about collapsing NAND Flash pricing and rising inventories. But there may be an out: ThinkPanmure’s Vijay Rakesh this morning said prices could stabilize, thanks in no small measure to Apple (AAPL).

In a research note this morning, Rakesh asserts that Samsung is allocating 50 million 8 GB MLC (multi-level cell) Flash chips to Apple for July and August. He says that “could substantially reduce Samsung’s inventory and reduce some of the price pressure on NAND and inventory overhang in the market. “While not a panacea for the inventory in the channel or at retail, it should stabilize NAND pricing,” he says. In fact, he notes, NAND spot pricing has trended up modestly the last two days.

Rakesh Wednesday repeated his Buy rating and $40 target on the stock.

SNDK Wednesday is up $1.26, or 7.2%, to $18.88.