UPDATE - RBC Capital Downgrades SanDisk (SNDK) to Outperform; Weak Pricing Make For Steep Recovery
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Price: $1,600.62 --0%
Rating Summary:
29 Buy, 18 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 5 | New: 18
Rating Summary:
29 Buy, 18 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 5 | New: 18
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UPDATE - RBC Capital downgrades SanDisk (Nasdaq: SNDK) from Top Pick to Outperform. PT cut by $1 to $57.
Analyst, Doug Freedman, said, "Downgrade as accelerated pricing declines strip out EPS leverage. However, we remain constructive given second-half demand drivers, including return of smartphone, tablet, and ultrabooks."
"We now model revenue and EPS for 2012 at $5.397bil/$3.03 (prior: $6.534bil/$4.82) with ASP erosion at -41% (prior: -34%). For 2013, we model $6.461bil/$5.21 (prior: $7.679bil/$6.09) with ASP erosion unchanged at -29%. We highlight that we accelerate buyback assumption in our model."
Freedman believes in the company' Outperform rating, saying the shares of SNDK are still worth $33-41 ex-memory, royalty and net cash.
To see more ratings changes on SNDK, Click Here
Analyst, Doug Freedman, said, "Downgrade as accelerated pricing declines strip out EPS leverage. However, we remain constructive given second-half demand drivers, including return of smartphone, tablet, and ultrabooks."
"We now model revenue and EPS for 2012 at $5.397bil/$3.03 (prior: $6.534bil/$4.82) with ASP erosion at -41% (prior: -34%). For 2013, we model $6.461bil/$5.21 (prior: $7.679bil/$6.09) with ASP erosion unchanged at -29%. We highlight that we accelerate buyback assumption in our model."
Freedman believes in the company' Outperform rating, saying the shares of SNDK are still worth $33-41 ex-memory, royalty and net cash.
To see more ratings changes on SNDK, Click Here
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