Mizuho Securities Downgrades SanDisk (SNDK) to Neutral

Mizuho Securities downgraded SanDisk (NASDAQ: SNDK) from Buy to Neutral with a price target of $78.50 and roatating into Micron (NASDAQ: MU) and Avago (NASDAQ: AVGO).

Analyst Vijay Rakesh commented "We are downgrading SNDK to Neutral with the stock ~6% from our PT and the WDC offer price of $78.50. We continue to see the acquisition by WDC on track, with the shareholder vote on March 15 and the deal expected to close in C2Q16. We would rotate into MU as it gears up for better costs and an Inotera roll-up, with incremental book value and FCF, and/or into AVGO ahead of upcoming earnings, with improving 2H16 visibility and cost synergies for AVGO, which we expect to be a positive catalyst."

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 $74.08 yesterday.

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