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New: Introducing “Why Is It Moving?” - lightning-fast, AI-driven explanations of stock moves
The flash memory specialist benefited from the latest developments in the U.S.-China trade spat.
It's also sure to do well with the recent rise in flash memory prices.
This was a good week to be invested in veteran flash memory specialist Sandisk (NASDAQ: SNDK). Seemingly positive developments in international trade, increasing prices for its stock in trade, and several bullish analyst moves combined to give a nice lift to the stock. According to data compiled by S&P Global Market Intelligence, Sandisk was up by over 23% week to date as of early Friday morning.
The rally boosting Sandisk stock began early in the week. On Monday, President Donald Trump seemed to back down some from his at times aggressive stance on China-U.S. trade disagreements.
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Image source: Getty Images.
In a post on his favored social media platform, Truth Social, he stated emphatically that his Chinese counterpart, President Xi Jinping, "doesn't want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!!"
This sparked something of a relief rally in Sandisk, as the company is an active importer of China-made components and as such has much to lose from punitive tariffs imposed on the country. It also happens to co-own a factory there.
Also that day, two analysts tracking the company raised their price targets on its shares. Citigroup's Asiya Merchant lifted hers to $150 per share from her preceding $125, in the process maintaining her buy recommendation. Hanwen Chang at Wells Fargo more than doubled the bank's existing price target, to $115 per share from merely $50, although the bank's recommendation was kept at neutral.
Not to be outdone in the pundit zone, analyst CJ Muse of Cantor Fitzgerald also cranked his Sandisk price target well higher, as part of a wider analysis of artificial intelligence (AI)-related stocks. He now feels that Sandisk is worth $180 per share, quite some distance north of his previous fair value assessment of $50.
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Wells Fargo is an advertising partner of Motley Fool Money. Citigroup is an advertising partner of Motley Fool Money. Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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