UPDATE: FBN Securities Initiates Coverage On SanDisk Corporation

In a note published Monday morning, FBN Securities analyst Shelby Seyrafi initiated coverage on SanDisk Corporation SNDK with an Outperform rating and a $120 price target.

Seyrafi commented, "SNDK is estimated to have roughly a 20 percent share of the estimated $30 billion NAND supplier market in 2014 and is closing in on number 2-ranked Toshiba." She continued, "The NAND market itself is an attractive one as we are projecting market growth of ~25-30 percent in 2014."

Looking ahead, Seyrafi pointed out the SanDisk has been acquiring assets to position itself well for the expected growth in the enterprise SSD market. She noted that enterprise SSD is expected double from ~$4 billion in 2013 to ~$8 billion in 2017, and SanDisk expects its SSD revenue to exceed $1 billion by fiscal 2015.