Since SanDisk Corporation (NASDAQ: SNDK) preannounced disappointing earnings expectations yesterday, Wall Street analysts have been quick to respond. Analysts at Pacific Crest Securities and Credit Suisse joined the fray, reiterating outperform ratings on the stock while simultaneously slashing target prices.
At Pacific Crest, analysts moved the price target to $82, down 30 percent from $116. Credit Suisse analysts have a more conservative target of $75, down 17 percent from $90 prior. These compare to a recent price of $64.60.
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Credit Suisse was taken aback by SanDisk's negative preannouncement, particularly in light of flat spot pricing. The analysts reduced Q1 revenue expectations to $1.3 billion, with EPS of $0.64, down from $1.425 billion and $0.83 previously.
Pacific Crest said that there remain a "lot of unanswered questions" given the fact that SanDisk is the first company in the industry to mention enterprise demand weakness. However, the analysts said that with $13 per share in cash and a leadership position in the 3D NAND, shares will stabilize over the long term.
The analysts expect to get more color on the earnings call on April 15.
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