Jefferies Reiterates a 'Buy' on SanDisk (SNDK); Q2 Beat, Gross Margin Upside Potential; Cuts FY12/13

Jefferies reiterates a 'Buy' on SanDisk (NASDAQ: SNDK) price target of $46.00.

Analyst, Sundeep Bajikar, said, "Q2 results beat, and guidance for Q3 revenue growth of 16% quarter-over-quarter signals a strong ramp of new Embedded NAND into Apple and SSD products into Enterprise and Ultrabook. We think a combination of improving product mix and improving NAND prices is likely to drive gross margin upside as early as Q3."

Bajikar lowered FY12 EPS estimate from $1.53 to $1.33 and FY13 from $2.84 to $2.63.

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 $35.08 yesterday.

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