Credit Suisse Lowers Price Target On SanDisk Corporation

In a note released Friday, Credit Suisse analyst John Pitzer lowered his price target for SanDisk Corporation SNDK from $125 to $105 and maintained an Outperform rating on the stock.

Pitzer began his note by pointing out SanDisk was able to post a third-quarter EPS beat despite a slight miss on revenue and has issued fourth-quarter guidance largely in-line with consensus estimates.

Looking to the company's performance, Pitzer noted SanDisk has posted "consistently strong" operational performance. However, he questions the company's decision to limit leverage to support "strategic customers."

Pitzer commented, "While it is difficult to fault SNDK's absolute financial model relative to peers, relative to potential it is deficient."

In terms of his estimates, Pitzer has lowered calendar-year 2015 revenue from $79 billion to $7.44 billion and maintained a $6.54 EPS estimate.

Posted In: Analyst ColorNewsPrice TargetReiterationAnalyst RatingsCredit SuisseJohn Pitzer
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