Deutsche Bank Downgrades SanDisk (SNDK) to Hold; Cutting Estimates After Underperformance in Growth Market
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Price: $1,596.08 -0.28%
Rating Summary:
29 Buy, 18 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
29 Buy, 18 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Deutsche Bank downgraded SanDisk (NASDAQ: SNDK) Buy to Hold, price target to $35.00.
Analyst, Bob Gujavarty, said, "We believe SNDK's disappointing 1H12 performance is a function of the company being focused on the wrong customers and the wrong markets. We note SNDK has lost revenue share since 2008 and this share loss appears to be accelerating in 2012. Although the company is attempting to address the shift in the NAND market however we expects gains in Embedded and SSDs against more entrenched competition will be difficult as many of these competitors are vertically integrated."
"Our 2Q12E is now $1bn/$0.18 compared to $1.3b/$0.72 previously. Our 2012E is now $5.2bn (-8% y/y)/$1.91, down from $6bn (flat)/$3.00 previously."
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 $40.47 yesterday.
Analyst, Bob Gujavarty, said, "We believe SNDK's disappointing 1H12 performance is a function of the company being focused on the wrong customers and the wrong markets. We note SNDK has lost revenue share since 2008 and this share loss appears to be accelerating in 2012. Although the company is attempting to address the shift in the NAND market however we expects gains in Embedded and SSDs against more entrenched competition will be difficult as many of these competitors are vertically integrated."
"Our 2Q12E is now $1bn/$0.18 compared to $1.3b/$0.72 previously. Our 2012E is now $5.2bn (-8% y/y)/$1.91, down from $6bn (flat)/$3.00 previously."
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 $40.47 yesterday.
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