UPDATE: Credit Suisse Raises PT on SanDisk Corporation on Solid March Results, June Guidance
In a report published Thursday, Credit Suisse analyst John W. Pitzer reiterated an Outperform rating on SanDisk Corporation (NASDAQ: SNDK), and raised the price target from $55.00 to $75.00.
In the report, Pitzer noted, “Despite the intraday/after market volatility in the stock and some outlandish ‘whisper' numbers - we view SNDK March results/June guide as solid and extremely supportive of a slow, steady and sustained uptick in ASPs, GM and earnings power for the Company. SNDK beat published estimates for March, came in line with our previewed upside and then guided June and CY13 Rev/GM/EPS above Street consensus. We view Company guidance as appropriate but still conservative, leaving incremental room for upside throughout the year - note in a seasonally weak quarter with lackluster iPhone5 demand, NAND ASPs increased 2% q/q versus normal seasonal of down 20% q/q - flat ASPs from C1Q (unlikely and conservative) would drive full year pricing down 1% y/y versus our current model of down 10% y/y[.]”
SanDisk Corporation closed on Wednesday at $55.72.
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