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News Breaks
January 23, 2013
13:36 EDTSNDKEarnings Preview: SanDisk shares ride market rally into Q4 report
SanDisk (SNDK) is set to report Q4 earnings after the market close on Wednesday, January 23, with a conference call scheduled for 5:00 pm ET. SanDisk is a data storage solutions company that offers flash memory products in removable cards, embedded products, and USB drives... EXPECTATIONS: Analysts are looking for EPS of 76c on revenue of $1.53B, according to First Call. The consensus range for EPS 68c-90c on revenue of $1.5B-$1.59B... LAST QUARTER: SanDisk reported Q3 adjusted EPS of 48c against estimates for 33c on revenue of $1.27B against estimates for $1.22B. During its Q3 earnings call, SanDisk said it sees Q4 revenue of $1.5B, plus or minus $50M, and said it expects solid revenue growth in 2013. On December 20, SanDisk authorized an additional $750M share repurchase program, bringing the total amount authorized for stock repurchases under the company's current program to $1.25B... STREET RESEARCH: Street research has been generally positive on SanDisk since its Q3 earnings report, with shares receiving two upgrades the day after reporting Q3 earnings. Shares were upgraded last week to Buy from Hold at Cross Research. Shares were downgraded at RBC Capital in the week following its Q3 earnings report with a $50 price target. Shares were recommended at Lazard Capital, and then Morgan Stanley, in December and yesterday Jefferies raised their price target on shares to $59 from $51...PRICE ACTION: Shares of SanDisk traded lower following its Q3 report, but have climbed more than $4.50, or more than 10.5%, through December and into January. In afternoon trading ahead of today's Q4 report, SanDisk shares are down about 0.7%.
News For SNDK From The Last 14 Days
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August 26, 2015
07:52 EDTSNDKUBS to hold a tour
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August 18, 2015
10:00 EDTSNDKOn The Fly: Analyst Downgrade Summary
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09:23 EDTSNDKOn The Fly: Pre-market Movers
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07:27 EDTSNDKSanDisk downgraded to Underperform on industry capex increases at BofA/Merrill
BofA/Merrill downgraded SanDisk two notches to Underperform from Buy and lowered its price target to $40 from $75. The firm is more cautious on the memory chip sector given new developments of SK Group's "significantly higher capex budget" and Micron's unexpected FY16 capex hike. BofA/Merrill said excess capacity is now a concern and cut long-term earnings estimates for most memory chip stocks.
August 17, 2015
11:11 EDTSNDKAnalysts split on Micron after analyst day
Analysts were divided on the outlook for flash memory product maker Micron (MU) following its analyst day. Wells Fargo upgraded the stock to Market Perform from Underperform and Piper Jaffray said that the stock was unlikely to drop much further. However, Bank of America/Merrill and Wedbush cut their rating on the shares to Neutral from Buy. UPGRADE: Wells Fargo upgraded Micron to Market Perform from Underperform. Following the stock's decline over the last few months, the shares "reflect a more realistic view" of the flash memory sector's outlook, the firm stated. Additionally, the sector's financial condition has improved in recent years, which should boost the sector's profits and margins over the longer term, Wells Fargo stated. However, the firm still believes that the company is facing several risks, including falling prices for DRAM, a widespread form of flash memory, and its rising capital spending. Although Micron is facing "challenging near-term conditions," including a weak PC market, the company outlined many positive aspects of its business, according to Piper Jaffray analyst Ruben Roy. The longer term trends for the flash memory sector remain positive, as consolidation, low supply growth and diversifying demand should increase the profits of suppliers, Roy believes. And although Micron said its capital spending would be above expectations, Roy expects these investments to help the company enhance its manufacturing process and efficiency, boosting its performance over the longer term. Micron may miss estimates in the short-term but its share price is unlikely to drop much further, and its performance should improve significantly next year, according to Roy. He kept an Overweight rating on the stock. BEARISH TAKE: The DRAM supply/demand dynamic probably won't improve and Micron's cost reductions probably won't outpace price declines until mid-2016, according to Wedbush analyst Betsy Van Hees. Although Van Hees believes that the company's spending will help it over the longer term, she forecast that the stock would "continue to struggle" until the DRAM supply/demand dynamic stabilizes. The analyst cut her price target on the name to $19 from $26. Micron's decision to raise its capital spending suggests that it is "overconfident" in its new chips, according to Bank of America/Merrill Lynch analyst Simon Dong-je Woo. The margins on the new chip "could easily" be negative, the analyst believes. Woo thinks that Micron's capital expenditures next year should be $3B-$4B versus the company's guidance of $5.3B-$5.8B. The analyst's target on the name fell to $19 from $28.40. PRICE ACTION: In late morning trading, Micron lost 0.2% to $17. Earlier the stock reached a new 52-week low of $16.12. The shares of another flash memory product maker, SanDisk (SNDK), were flat at $58.

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