From Briefing.com:
11:15
SANDISK CORP (SNDK) 29 3/8 +4 3/8. So what's all the hoopla surrounding SanDisk Corp. Well, Friday the stock finished the day 1 7/8 points higher after Morgan Stanley semiconductor analyst Mark Edelstone started coverage with an "outperform" rating. This morning, the shares have been ignited by the CEO's appearance on CNBC, which has helped send SNDK shares 18% higher to a new 52-week high, on volume of 1.4 million shares, eclipsing Friday's turnover of 516,000 shares. SanDisk is the world's largest supplier of flash data storage products. Based on a First Call survey of two analysts, SanDisk will earn $0.61 a share for 1997 and $0.89 a share for 1998, a year-over-year bottom line improvement of 46%. This company has been a darling of Wall Street over the past several months. Although the Street's mean recommendation of "buy" has remained the same, estimates for 1997 earnings have risen 27% and projections for 1998 EPS have increased 27%, in just the last 13 weeks. Accordingly, the stock has progressed in price as the growth outlook has improved, rising almost 130% since mid-June. Based on current projections for 1998 earnings, SNDK shares carry a multiple of 33, placing the shares slightly ahead of forecasts of long-term growth, which fall in the 25%-30% range. In just the last two sessions, the stock's multiple has expanded 7 points, or 27%, which is no doubt a sharper and more rapid advance than Mr. Edelstone was counting on when he started coverage of the stock.
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I think SNDK is more likely to go to Mars, rather than just the Moon. |
