SanDisk (SNDK) Soars Higher After License Renewal With Major Partner Samsung

Shares of SanDisk (Nasdaq: SNDK) are seeing strong upside action today after the company and Samsung renewed a cross license of their semiconductor patent portfolios through 2016. SanDisk is up 17% to $15.90 following the announcement.

Commenting on the news, Broadpoint.AmTech analyst Dinesh Moorjani stated, "though the renewal of the agreement is in line with our expectation, the outcome of the negotiations clearly lifts a significant uncertainty among investors as Samsung represents over 50% of SanDisk's total." Moorjani reiterated his Buy rating and $19 price target on SNDK.

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