Morgan Stanley Sees Loss of SanDisk/Toshiba Agreement as Another Setback for Intermolecular

In a report published Friday, Morgan Stanley analyst Joseph Moore reiterated an Equal-Weight rating on

. In the report, Morgan Stanley noted, “SanDisk/Toshiba was about an 11% customer who has always been very positive about their work with IMI, so the non-renewal is unexpected by both us and management. IMI had worked with SanDisk/Toshiba developing ReRAM technology, which we think is still an important part of the SanDisk roadmap. This follows the loss of another large customer, Global Foundries, last quarter.” Intermolecular closed on Thursday at $3.85.