UPDATE: J.P. Morgan Raising Price Target on SanDisk

J.P. Morgan Chase & Co. is out with a research report on SanDisk Corp SNDK and is raising its price target to $68 from $51 but is keeping its Neutral rating on shares. In a note to clients, J.P. Morgan Chase & Co. writes, "SanDisk reported Q3 results that were better than ours estimates. Q3 revenue of $1.416B (+3.0% Q-Q, +14.8.% Y-Y) was driven due to strong demand for its retail and OEM products. EPS (excl. stock options) of $1.20 was $0.16 higher than ours and $0.14 higher than the consensus estimates. In absence of $9mm non-cash benefit associated with repurchase of convertible debt, EPS (excl. stock options) would have been ~ $1.16. Management expects +6-13% sales growth in 4Q due to strong demand for its retail and OEM products driven by strong demand from the mobile/wireless (smartphone) end-market." Shares of SNDK are up $1.50 in pre-market trading to $47.00, a gain of 3.3%.