SanDisk Raised to “Overweight” at Morgan Stanley (SNDK)
SanDisk (NASDAQ:SNDK) was upgraded by equities researchers at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research report issued on Friday. The firm currently has a $115.00 target price on the stock, up from their previous target price of $100.00. Morgan Stanley’s target price points to a potential upside of 19.51% from the stock’s previous close. The analysts noted that the move was a valuation call.
A number of other firms have also recently commented on SNDK. Analysts at Deutsche Bank initiated coverage on shares of SanDisk in a research note on Thursday. They set a “buy” rating and a $110.00 price target on the stock. Separately, analysts at BNP Paribas initiated coverage on shares of SanDisk in a research note on Tuesday. They set a “hold” rating on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of SanDisk in a research note on Thursday, August 14th. They now have a $98.00 price target on the stock. Ten research analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $106.76.
In other SanDisk news, SVP Eric S. Whitaker unloaded 9,375 shares of the stock on the open market in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $99.00, for a total value of $928,125.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.
Shares of SanDisk (NASDAQ:SNDK) opened at 96.23 on Friday. SanDisk has a one year low of $57.46 and a one year high of $108.77. The stock has a 50-day moving average of $94.57 and a 200-day moving average of $89.85. The company has a market cap of $21.577 billion and a P/E ratio of 19.55. SanDisk also was the recipient of a significant decrease in short interest in August. As of August 15th, there was short interest totalling 16,265,604 shares, a decrease of 9.3% from the July 31st total of 17,927,150 shares. Based on an average trading volume of 2,790,343 shares, the days-to-cover ratio is presently 5.8 days. Approximately 7.2% of the company’s stock are short sold.
SanDisk (NASDAQ:SNDK) last posted its quarterly earnings results on Wednesday, July 16th. The company reported $1.41 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.39 by $0.02. The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter last year, the company posted $1.21 earnings per share. SanDisk’s revenue was up 10.7% compared to the same quarter last year. Analysts expect that SanDisk will post $5.90 EPS for the current fiscal year.
SanDisk Corporation designs, develops and manufactures data storage solutions in a range of form factors using its flash memory, controller and firmware technologies.
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