US Stocks Move | SanDisk continues to rise over 4% in pre-market trading; after earnings, major Wall Street banks collectively raise target price, with the highest at $1,000
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Glonghui, February 3rd|SanDisk (SNDK.US) continued to rise over 4% in pre-market trading, reaching $692.02. As of Monday’s close, SanDisk has surged more than 180% so far this year. In terms of news, SanDisk announced strong quarterly results and outlook last week. Second quarter sales increased by 61% year-on-year to $3.03 billions, and adjusted earnings per share soared 404% year-on-year to $6.2, far exceeding market expectations. Subsequently, major Wall Street institutions collectively raised their price targets for SanDisk. Among them, Goldman Sachs raised SanDisk’s 12-month target price from $320 to $700, and Bank of America raised its target price from $390 to $850. Bernstein analyst Mark Newman even sharply raised SanDisk’s target price from $580 to $1,000, emphasizing that the drivers of its profit margin expansion come not only from rising NAND prices, but also from significant cost reductions and product portfolio optimization. (Glonghui)
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