J.P. Morgan Cuts Price Target On Sandisk After Earnings (SNDK)

J.P. Morgan Chase & Co. cut its price target on SanDisk Corporation SNDK to $43 from $51 after the flash memory maker reported earnings yesterday. It is maintaining its Neutral rating. In a note to clients, J.P. Morgan writes, "Given muted 4Q10 fundamentals and a seasonally soft 1Q11, investors may want to wait for a better entry point, in our view, and we maintain our Neutral rating. Our new price target of $43 is based on a group multiple (12x, ex SBC) applied to our C2011 EPS estimate (ex SBC) of $3.58 per share." Shares of SNDK are up $1.87 in pre-market trading to $38.99.