Sandisk (SNDK) Stock Gets Buy Upgrade After 47% Drop From Record High
TLDR
- Argus Research upgraded Sandisk to Buy from Hold with a 12-month price target of $1,600
- SNDK stock is down 47% from its June 25 record high of $2,335, currently trading around $1,239
- Sandisk fell 6.8% on Thursday after its earnings outlook disappointed, then dropped another 3.7% Friday
- Analyst Jim Kelleher, ranked top 1% on Wall Street, calls the pullback a “compelling price point”
- Despite the recent drop, SNDK is still up 422% year-to-date and 2,757% over the past 12 months
Argus Research analyst Jim Kelleher upgraded Sandisk to Buy from Hold on Friday, setting a 12-month price target of $1,600. The stock rose 2.2% to $1,239.13 on Monday following the call.
Kelleher started coverage in July at Hold, saying his team was waiting for a better entry point. At that time, the stock was trading around $1,757.
That entry point has arrived, according to Kelleher. “We believe that point has arrived, with the shares at close to half of their peak level,” he wrote.
Sandisk hit a record high of $2,335 on June 25. Since then, it has dropped 47%, falling well below its 50-day moving average near $1,679.80.
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