SanDisk (SNDK) Bullish Stance Reiterated at Needham & Company Post Q2
- Gilead (GILD) Tanks; Analyst Comments on Express Scripts (ESRX) Viekira Pak Announcement (ABBV)
- Unusual 11 Mid-Day Movers 12/22: (SKYS) (CNET) (CFRX) Higher; (SGOC) (ASPS) (AAMC) Lower
- Twitter (TWTR) Active on Renewed Dick Costolo Chatter
- Achillion Pharma (ACHN) Reports 4.8 Log10 Reduction With ACH-3422
- UPDATE: Bristol-Myers Squibb (BMY): Nivolumab Cleared by FDA for Advanced Melanoma
Needham & Company analyst Rajvindra Gill reiterated a Buy rating and $115 price target on SanDisk (NASDAQ: SNDK) following Q2 results, saying shares should reset after mixed guidance although the long-term outlook remains favorable.
SNDK nicely beat 2Q14 ests, but guided 3Q topline slightly lower than the Street ($1.70BN vs $1.74BN) due to unexpected supply constraints. With the stock up 40% YTD (vs 20% for SOX) and 7% in the past month (vs 4% SOX), expectations were clearly high entering into the print. SNDK saw a surge in SSD growth which required more 19nm bits, and hence reduced overall NAND supply, leading to slightly lower outlook. However, we believe this situation is temporary and we expect SNDK will add wafer capacity in the 4Q. Net, we think SNDK's improving mix to enterprise SSDs & embedded is a good model long term. Maintain Buy, $115 PT.
Shares of SanDisk closed at $107.83 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Janney Capital Downgrades Finish Line (FINL) to Neutral
- TD Securities Upgrades BlackBerry (BBRY) to Buy
- Tesla (TSLA) Named Top Pick for 2015 at Dougherty
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View
Related EntitiesNeedham & Company
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!