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SanDisk Corp. (SNDK)
by Zacks Equity ResearchNovember 12, 2012 | Comments : 0 Recommended this article: ()
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Fourth quarter guidance was encouraging as well. Though lackluster PC sales, European issues, competition from Micron Technology Inc. and currency fluctuations could hurt the fundamentals a bit, we remain overtly positive on management's commentary of a turnaround story in the coming quarter and beyond, and strong secular demand for NAND flash.
We upgrade the stock to Outperform. We set a three-month target price of $52.00, representing a P/E multiple of approximately 28.7x our 2012 earnings per share estimate, which is on par with the industry average.