Nomura Securities Upgrades SanDisk (SNDK) to Neutral

Nomura Securities upgraded SanDisk (NASDAQ: SNDK) from Reduce to Neutral with a price target of $85.00 (from $64.00).

Analyst Sidney Ho comments, "While we are still concerned with the pricing/margin gap between SanDisk and the rest of the industry, we acknowledge that the risks of an earnings miss in 2H14 have declined. Seasonality helps, and industry supply growth seems to have slowed down. In addition, SanDisk raised its target model and increased its capital returns at its analyst day yesterday. As such, we believe a Reduce rating is no longer warranted."

The firm is increasing EPS estimate for CY14 from $5.75 to $6.00 and for CY15 from $5.75 to $6.50.

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 $86.96 yesterday.

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