SanDisk (SNDK) PT Trimmed at Wedbush; Bullish Stance Maintained

Wedbush analyst Betsy Van Hess lowered her price target on SanDisk (NASDAQ: SNDK) to $91.00 (from $94.00) following the company's negative pre-announcement yesterday but maintained a Outperform rating.

On the stock, Van Hess comments, "We have been cautious NT since the Q3 print where we saw red flags in the SSD business and a seasonally weak Q1 on tap, but maintained our LT belief that supply/demand would be favorable in 2015. While the Q4 miss is a negative surprise, we think it's too early to make the call that 2015 NAND supply will exceed demand and, for now, stick with our OUTPERFORM. With that said, following our industry checks, we still think there is no rush to buy the stock here. We think there will be a better entry point after Q4 print/Q1 guide as we don't think all the NT challenges are on the table yet."

The firm lowered FY 2016 pro forma EPS from $5.88 to $5.69.

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 $83.57 yesterday.

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