Oppenheimer Reiterates Outperform, $65 PT on SanDisk

Oppenheimer maintains its Outperform rating and $65 price target on SanDisk SNDK following strategy discussion at the company's analyst day. Oppenheimer says, "Sandisk's analyst day was more about strategy than financials. With the Flashsoft acquisition it's clear that SNDK is accumulating a full set of verticals in both client and enterprise SSDs. Eventually, compared to non-NAND makers, both SNDK and MU stand to benefit. Yes, there are fabless wonders such as FIO, OCZ etc. However, NAND capacity and bit growth is decreasing Y/Y and once NAND players get a taste of the SSD profits, we'd ask why would they share anything? In other words, they're likely to keep the best bits for themselves." SNDK closed at $48.23 a share on Thursday.