Citi Maintains 'Sell' Rating on SanDisk (SNDK), Sees Low Take-Over Probability
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Citi maintains 'Sell' rating on SanDisk Corp (Nasdaq: SNDK). Price target $14.
Citi analyst says, "Fresh pricing and product cycle data points jeopardize Street '09 estimates, and contrast to a recent stock pop. Pare positions on recent strength... On one hand, positive newsflow is likely near term (industry SSD press at IDF, Apple's Sept product refresh, possible contract price stability in Sept, and Wal-Mart (NYSE: WMT) back-to-school exposure). Alternatively, the approx. $0.30 risk to 2009 Street estimates and a 4-yr average -15% and -10% 3Q results stock response and 4Q stock drop portend pressure ahead. Lighten up on recent momentum."
Citi analyst comments on the Seagate Technology (NYSE: STX) Take-Out chatter, "While possible, we and STX analyst P. Mansky, regard this as a low probability given: 1) SNDK's $6.9B of capital commitments through 2010, 2) NAND is likely a buyer's market into at least 2010, 3) preferred supply deals are possible w/no capital commitment (i.e. Apple (Nasdaq: AAPL)), and 4) SNDK's SSD product is under-performing peers, so not a prize asset."
SanDisk Corporation (SanDisk) designs, develops, markets and manufactures products and solutions in a variety of form factors using its flash memory, controller and firmware technologies.
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