Citi Reiterates 'Buy' Rating on SanDisk (SNDK)
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Citi reiterates a 'Buy' rating on SanDisk (Nasdaq: SNDK). Price target $35.
Citi analyst says, "A mid-qtr check on SNDK fundamentals suggests positive EPS revision pressure is forming, in line w/seasonal norms which in years past have been '+' for the stock. Demand risks exist (handset), though CIR thinks rising contract pricing from June to October is a reasonable outlook. SNDK (ETR 20%) is our mid-cap top pick on contract pricing and EPS revision catalysts...With a target of $35 and upside potential to $40 if multiples inflate seasonally (25x P/E during rising NAND prices) vs. downside risk of $25 (15x CIR ests), we are buyers of SNDK stock and re-iterate our target price of $35."
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.[SM]
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