Wells Fargo Drastically Lowers SanDisk Stock Price Target (SNDK)

SanDisk stock (NASDAQ: SNDK) opened Wednesday’s trading session at $1,271 after rising 2.68% the previous day. The high-bandwidth memory manufacturer experienced a heavy correction as it plunged more than 24% in a month. The fall was brutal, as traders saw a large chunk of money get erased from their respective portfolios. SNDK was a promising stock, but the steep decline has eroded investors’ confidence in the asset.

Also Read: Bank of America Gives Double-Digit Price Prediction for Google Stock

Wells Fargo Trims SanDisk Stock Price Target (SNDK)

Aaron Rakers, the Technology Analyst at Wells Fargo, has drastically lowered SanDisk stock’s price target. The analyst had previously given SNDK a bullish estimate of $1,620. However, the investment bank’s analyst trimmed the forecast and drastically cut the target to $1,400. That’s a reduction of $220 from its previous estimate, suggesting that the risk of corrections is ripe.

Why Did Wells Fargo Lower Its Forecast?

Wells Fargo immediately trimmed the target after Read from Source · watcher.guru ↗