SanDisk (SNDK) Jumps As UBS Upgrades to Buy On Pricing and Design Win Momentum
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Price: $58.01 +0.31%
Rating Summary:
18 Buy, 8 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
18 Buy, 8 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade SNDK Now!
SanDisk Corp. (Nasdaq: SNDK) is on the rise today after UBS upgraded the stock from Neural to Buy, despite the 212 percent 1 year run-up in the stock.
UBS analyst Uche Orji said strong 2nd-half demand and mobile design wins outweigh risks, and he set an aggressive $55 price target (up from $46) on the stock.
Orji sees better than expected average selling price (ASP) trends that on tight market supply, strong smartphone and consumer handheld design win momentum that should offset retail softness, modest capacity expansion, and possible royalty upside due to Samsung NAND sales.
The firm raised 2010 revenue estimates by 5 percent to $4.92 billion, which is better than the consensus of $4.89 billion, and raised 2011 revenues estimates by 14 percent to $5.77 billion, which swamps the consensus of $5.4 billion. The firm raised 2010 EPS to $3.89, which compares favorably to the consensus of $3.85, and 2011 to $4.16 which is well above the consensus of $3.66.
Shares of SanDisk are up 5.5 percent to $45.27, leaving 21 percent upside to the firm's price target.
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UBS analyst Uche Orji said strong 2nd-half demand and mobile design wins outweigh risks, and he set an aggressive $55 price target (up from $46) on the stock.
Orji sees better than expected average selling price (ASP) trends that on tight market supply, strong smartphone and consumer handheld design win momentum that should offset retail softness, modest capacity expansion, and possible royalty upside due to Samsung NAND sales.
The firm raised 2010 revenue estimates by 5 percent to $4.92 billion, which is better than the consensus of $4.89 billion, and raised 2011 revenues estimates by 14 percent to $5.77 billion, which swamps the consensus of $5.4 billion. The firm raised 2010 EPS to $3.89, which compares favorably to the consensus of $3.85, and 2011 to $4.16 which is well above the consensus of $3.66.
Shares of SanDisk are up 5.5 percent to $45.27, leaving 21 percent upside to the firm's price target.
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