Wedbush Downgrades SanDisk (SNDK) to Underperform; Comments on Samsung Rumors
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Wedbush downgrades SanDisk (Nasdaq: SNDK) from Neutral to Underperform. Price target lowered from $24 to $17.
Wedbush analyst says, "Our recent round of industry checks indicate Q1 NAND supply will likely exceed demand due to NAND process technology die shrinks increasing NAND output coupled with typical weak seasonal Q1 end market demand. We expect the imbalance in the NAND supply environment to pressure Q1 bit growth, ASPs, gross margin and revenue below our prior expectations. We believe given the changing NAND supply/demand environment that shares of SanDisk will underperform the market and recommend investors sell shares. Our lowered 12-month price target to $17 (from $24) is based upon 20x (unchanged) our 2010 pro forma EPS estimate of $0.85 (down from $1.15).
"Rumors recently re-surfaced suggesting Samsung could once again be interested in acquiring SanDisk; our checks indicate this rumor is just that, a rumor."
To see more analyst ratings on SNDK Click Here.
SanDisk Corporation designs, develops, manufactures, and markets NAND-based flash storage card products that are used in various consumer electronics products.
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