New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
April 16, 2014
12:39 EDTSNDKEarnings Preview: SanDisk holding up well amid Nasdaq turbulence
SanDisk (SNDK) is set to report first quarter earnings after the market close on Wednesday, April 16, 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 expecting Q1 earnings per share of $1.25 on revenue of $1.49B, according to First Call. The consensus range for EPS is 99c-$1.39 on revenue of $1.45B-$1.52B. On its fourth quarter earnings conference call, the company said it sees Q1 revenue of $1.525B-$1.54B, which was in-line with consensus estimates at that time of $1.52B. The company also said it sees Q1 gross margin of 47%-49% and revenue for FY14 of $6.4B-$6.8B. Consensus expectations for FY14 revenue currently stand at $6.66B. LAST QUARTER: SanDisk reported Q4 adjusted EPS of $1.71 on revenue of $1.73B, topping estimates for EPS of $1.58 on revenue of $1.7B. COMPANY NEWS: SanDisk had a number of bits of legal news this quarter, including a February 7 settlement and patent license agreement with the Chip Packaging Solutions subsidiary of Acacia Research (ACTG), resolving pending litigation between the parties. On March 11, SanDisk was awarded $28.5M in its intellectual property dispute with PNY Technologies, and on March 13, the company filed a civil suit against SK Hynix seeking damages and an injunction for trade secret misappropriation. On February 14 in its quarterly filing with the SEC, David Tepper’s Appaloosa Management reported that it liquidated its roughly 400,000 share stake in SanDisk. STREET RESEARCH: Street research has been mixed on SanDisk during the quarter. On the day following its Q4 report, SanDisk was downgraded at Needham to Buy from Strong Buy, citing valuation. Also following SanDisk’s Q4 report, Argus raised its price target on shares to $80 from $75. Last week, analysts at ISI Group initiated coverage on SanDisk with a Neutral rating at and $87 price target. In a note to investors last Friday, analysts at Bank of America Merrill Lynch said SanDisk’s Q1 results are unlikely to meet consensus. The firm said it is also concerned about the company’s Q2 results missing what it believes are bullish expectations given aggressive pricing from competitors in the NAND flash memory space. BofA/Merrill reiterated its Underperform rating and $65 price target on shares. PRICE ACTION: SanDisk has held up relatively well amid a turbulent quarter for the Nasdaq, gaining about 5% since its Q1 report against the tech index’s 4.5% decline. In early afternoon trading ahead of its Q1 report, shares of SanDisk are up more than 1%.
News For SNDK From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
December 15, 2014
10:00 EDTSNDKOn The Fly: Analyst Upgrade Summary
Subscribe for More Information
08:14 EDTSNDKSanDisk upgraded to Buy from Hold at Summit Research
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use