Wedbush Adjusts Numbers on SanDisk (SNDK): Q2 Beats...On Lowered Expectations
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Price: $1,757.82 --0%
Rating Summary:
27 Buy, 20 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 9 | Down: 22 | New: 45
Rating Summary:
27 Buy, 20 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 9 | Down: 22 | New: 45
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Wedbush maintains a 'Neutral' on SanDisk (NASDAQ: SNDK) price target of $31.00 (from $29.00).
Analyst, Betsy Van Hees, said, "While we are encouraged by SanDisk’s upbeat commentary, for the 2H of 2012, we also remember how constructive management was the first time it gave its full-year 2012 revenue guidance of $6.2B to $6.6B (9% to 17% Y/Y growth) on its Q4 earnings call on January 25. We maintain our NEUTRAL rating on SanDisk as we are concerned that the stabilization we saw in the 1H July for NAND contract prices is only temporary. Despite SanDisk’s constructive commentary on demand trends for NAND, our industry checks indicate demand thus far has been below typical seasonal trends. We continue our wary stance on memory stocks given our concern that (1) NAND ASPs resume downward trend, (2) slower-than-expected attach rates of SSDs in notebooks and ultrathins, and (3) a sub seasonal Q4 holiday season."
FY12 EPS estimate lowered from $1.60 to $1.50.
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.
Analyst, Betsy Van Hees, said, "While we are encouraged by SanDisk’s upbeat commentary, for the 2H of 2012, we also remember how constructive management was the first time it gave its full-year 2012 revenue guidance of $6.2B to $6.6B (9% to 17% Y/Y growth) on its Q4 earnings call on January 25. We maintain our NEUTRAL rating on SanDisk as we are concerned that the stabilization we saw in the 1H July for NAND contract prices is only temporary. Despite SanDisk’s constructive commentary on demand trends for NAND, our industry checks indicate demand thus far has been below typical seasonal trends. We continue our wary stance on memory stocks given our concern that (1) NAND ASPs resume downward trend, (2) slower-than-expected attach rates of SSDs in notebooks and ultrathins, and (3) a sub seasonal Q4 holiday season."
FY12 EPS estimate lowered from $1.60 to $1.50.
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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