Citi Raises PT on Sandisk Corporation (SNDK), Keeps a Buy

Sandisk Corporation (NASDAQ:SNDK) is one of the Most Promising New Technology Stocks to Buy According to Hedge Funds. On September 25, Asiya Merchant from Citi raised the price target on Sandisk Corporation (NASDAQ:SNDK) from $80 to $125, while keeping a Buy rating on the stock.

Merchant noted that they expect the company’s earnings per share to increase over the next fiscal year, backed by improved margins. She noted that the company is experiencing strong demand for hyperscale enterprise SSDs. Moreover, the overall demand environment is also favorable, with supply and demand being balanced.

The analyst highlighted that the NAND bit demand is also projected to grow, driven by strong data center needs. Sandisk Corporation (NASDAQ:SNDK) is also gaining market share in enterprise SSD bit shipments to data centers, which depicts that the company’s strategic focus is paying off.

Sandisk Corporation (NASDAQ:SNDK) develops and manufactures data storage devices and solutions using NAND flash technology.

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Disclosure: None. This article is originally published at Insider Monkey.