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Pacific Crest Ups SanDisk to Outperform


Pacific Crest upgraded SanDisk (SNDK) to outperform from sector perform, expecting strong long term demand prospects for flash data storage products.

Analyst Ruben Roy says recent news flow regarding weak flash-based MP3 demand, and further NAND price cuts imply the potential for a supply/demand imbalance beyond the first quarter. However, he thinks emerging demand drivers should reaccelerate in the second half of 2006. While attractive growth prospects for NAND have facilitated a stronger competitive landscape, he thinks SanDisk should be able to maintain a leadership role. He raises his $2.32 2006 earnings per share (EPS) estimate to $2.42 and his $2.93 2007 estimate to $3.00. He has a $66 stock price target.


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