Goldman Sachs Upgrades SanDisk (SNDK) to Buy
Get Alerts SNDK Hot Sheet
Rating Summary:
9 Buy, 27 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 15 | Down: 8 | New: 36
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Goldman Sachs upgraded SanDisk (NASDAQ: SNDK) from Neutral to Buy with a price target of $106 (from $87).
Analyst Mark Delaney said, "(1) The continued weakening in the yen will likely be a positive for margins. Each 10% move adds 200 bp to SanDisk’s margins. SanDisk’s yen costs averaged about 101 in 2014E, and the yen is now nearly 14% weaker. Each 100 bp increase in gross margin adds 3-4% to EPS. (2) We expect balanced NAND S/D in 2015, implying stable like-for-like margins and allowing for FX (and potentially better mix) to be realized. (3) The Malaysia SSD plant (with mid-2015 production planned) could lower the tax rate in 2015 or 2016."
For an analyst ratings summary and ratings history on SanDisk click here. For more ratings news on SanDisk click here.
Shares of SanDisk closed at $92.83 yesterday.
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