Broadpoint.Amtech Reiterates a 'Buy' Rating on SanDisk (SNDK), raising PT & Estimates
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Broadpoint.Amtech reiterates a 'Buy' rating on SanDisk (Nasdaq: SNDK), raising PT to $28 from $26.
Broadpoint analyst says, "The OEM business was particularly strong in 3Q and was responsible for the bulk of the upside relative to the mid-July guidance. OEM grew to 56% of total product revenue, from 41% in 2Q, driven primarily by strength from the handset market for both cards and embedded NAND. OEM orders for 4Q were described as being "very strong"...The mid-points of SanDisk's guidance ranges for 4Q imply revenue of $1.15B and EPS of $0.57, significantly above the pre-earnings consensus of $866M and $0.19 respectively, even considering the fact that 4Q has an extra week. We are raising our 4Q EPS from $0.52 to $0.58, and CY10 EPS from $1.20 to $1.50."
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SanDisk Corporation designs, develops, manufactures, and markets NAND-based flash storage card products that are used in various consumer electronics products.
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