Oppenheimer Reiterates Outperform, $65 PT on SanDisk
Oppenheimer maintains its Outperform rating and $65 price target on SanDisk (NASDAQ: 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.
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