Market Overview

UPDATE: Bank of America Reduces PO to $56 on SanDisk Corporation on Bottom Ahead of NAND Recovery

Related SNDK
Micron (MU) Hits a 52-Week High on Positive Q1 Guidance
Tech Names Trended Higher On Micron Technology, Inc.'s Upbeat Earnings
Report: Oracle Nearing Deal for Micros Systems (Fox Business)

Bank of America reiterates its Buy rating on SanDisk Corporation (NASDAQ: SNDK), but reduces its price target from $65 to $56.

Bank of America notes, "Conservative guidance from handset makers (even Samsung) suggests downside to NAND demand, and the decline in NAND spot price was more than usual in April-May. However, we model mid- to up-cycle levels of operating profit in 2H12 and 2013-14 for Sandisk due to supply constraints at competitors and new chip demand (eg, SSD for Apple's MacBook Pro). SanDisk remains one of our top memory picks globally given its high margins from 2H12, net cash, FCF generation and tech leadership."

SNDK closed at $35.55 on Thursday.

Latest Ratings for SNDK

DateFirmActionFromTo
Sep 2014FBN SecuritiesInitiates Coverage onOutperform
Sep 2014Morgan StanleyUpgradesEqual-weightOverweight
Jul 2014JP MorganMaintainsNeutral

View More Analyst Ratings for SNDK
View the Latest Analyst Ratings

Posted-In: Bank of AmericaAnalyst Color Price Target Reiteration Intraday Update Analyst Ratings

 

Related Articles (SNDK)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters