Jefferies analyst Sundeep Bajikar reiterated a Buy rating and bumped its estimate and price target on SanDisk (NASDAQ: SNDK) from $90 to $95 following strong Q1 results.

Bajikar said, "Strong results and guidance prove the relevance of the NAND spot market has diminished, both for SanDisk and the industry, and we expect a higher level of price stability to translate into higher valuation multiples for SNDK and MU. We continue to expect SSD to drive both higher demand and profitability than Smartphone and Tablet combined."

The firm lifted FY 2014 EPS from $6.00 to $6.26 and FY 2015 EPS from $6.43 to $6.89.

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Shares of SanDisk closed at $75.85 yesterday.