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Technology Stocks : WDC/Sandisk Corporation
WDC 176.87-2.4%Dec 22 3:59 PM EST
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To: Pam who wrote (26272)6/30/2004 9:21:53 AM
From: Pam  Read Replies (1) of 60323
 
From Briefing this morning-

08:49 SNDK SanDisk: Analysts generally looking past the LEXR warning (22.41 )

Several firms out on Sandisk following Lexar's warning last night... RBC Capital believes SanDisk's stock will be under pressure today but recommends that investors take this as a buying opportunity as their bi-weekly retail survey showed ASP/MB tracking to down 10-15% vs guidance of down 20%. They take this as a positive as they believe SanDisk guided the street for 30% product gross margins on an assumption of ASP/MB of down 20%. Based on less than severe pricing, the firm would expect gross margins to hold up at 30%. They remain comfortable with their Q2 estimates of $442M, up 14% q/q, and $0.32 on product gross margin of 30%... JP Morgan out saying they believe Lexar lost some market share to SanDisk owing to a slow response to SanDisk's price cuts. While they believe the end market demand has exhibited a few signs of softness, SanDisk's revenues should be buoyed by market share gains and sales of the Shoot & Store product into 10,000 new channel outlets. Firm is leaving their revenue estimates unchanged, and still expect a strong 2H04 ramp. Rating remains at Overweight.... Thomas Weisel believes most of Lexar's issues are less likely to affect Sandisk; firm would be surprised if Sandisk faces similar margin pressure due to aggressive retail pricing, since it is Sandisk setting retail prices in the first place and they likely baked lower prices into their guidance... SNDK currently trading at $21.50 in pre-market
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