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.

Sandisk Corporation, SNDK

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.

… Continue reading the full article at the original source below.