Needham & Company Boosts PT on SanDisk (SNDK)

July 9, 2013 8:00 AM EDT
Get Alerts SNDK Hot Sheet
Price: $76.18 --0%

Rating Summary:
    13 Buy, 29 Hold, 4 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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Needham & Company reiterated its Buy rating and raised estimates and its price target on SanDisk (NASDAQ: SNDK) from $70 to $75 on ongoing favorable NAND dynamics.

Analyst Rajvindra S. Gill comments, "Over the past several weeks, we've closely scrutinized the supply/demand dynamics in the memory market, specifically NAND Flash. Net, we are raising our ests for SNDK (reports after the close on July 17) as favorable NAND pricing combined with better-than-expected adoption of SSDs should boost numbers. Several industry sources have indicated that tight supply levels of NAND Flash are likely to drive up pricing in 3Q13, a dynamic that most likely started in 2Q13. Key drivers of NAND demand have come from the adoption of SSDs into servers and data centers and cloudbased environments, as well smartphones/tablets. Supply of Mobile DRAM and eMCP are also in tight supply."

The firm raised FY 2013 EPS from $4.00 to $4.25 and FY 2014 from $5.00 to $5.10.

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 $60.02 yesterday.

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