UPDATE: Morgan Stanley Initiates Coverage on SanDisk
According to a research report published this morning, Morgan Stanley has initiated SanDisk (NASDAQ: SNDK) with an Overweight rating and $45 PT.
In the report, Morgan Stanley said, "We expect significant improvement in the NAND market by 4Q12 and throughout 2013. As NAND capital spending declines anniversary, 2H12 supply growth should be at the lowest levels since 2009 (a very good period for NAND pricing), just as major customers accelerate orders. Supply will be low again in '13 as all four NAND players are being prudent."
SanDisk closed yesterday at $34.45.
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