UPDATE: Jefferies Upgrades SanDisk; Raises PT

According to a research report published this morning, Jefferies has upgraded SanDisk

from Hold to Buy, and has increased PT from $45 to $47. In the report, Jefferies said, "Street NTM EPS estimates have been cut by 60%, and SNDK has underperformed the SOX by 3,800 bps YTD. We think product mix and NAND price improvements are likely to drive higher CY12 gross margins of 36% (vs. Street's 31%) and position SanDisk to jump over a very low bar. Also, with ~$15/sh in net cash and investments, and a stable IP business, we think downside risk is low." SanDisk closed yesterday at $37.40.