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Technology Stocks : Semi Equipment Analysis

SOXX 281.61

+1.7%

Nov 19 4:00 PM EST

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To: Donald Wennerstrom who wrote (46512)	1/19/2010 10:51:01 AM
From: Donald Wennerstrom	1 Recommendation Read Replies (1) of 95443

Market Report -- Short Stories (SNDK)January 19, SanDisk ests and target raised to $35 at Broadpoint AmTech ahead of earnings . Broadpoint AmTech raises their SNDK tgt to $35 from $28 as 4Q09 results are scheduled to be reported on January 28, after the close. Firm is raising its 4Q09 rev est to $1.22bn (+30% Q/Q) from $1.15bn (+23% Q/Q), above guidance of $1.1-$1.2bn, and non-GAAP EPS to $0.76 from $0.69 (including inventory benefit of $40mn as guided), above consensus of $1.15bn and $0.66 respectively. Firm is raising its 2010 EPS to $2.35 from $1.50 ($1.47 consensus), based primarily on higher pricing and margin assumptions. NAND flash pricing is facing muted seasonal headwinds. NAND MLC spot pricing is up 5% from the early December trough, following the 15-20% decline in 2H-October/November. January contract pricing is down 3-5% M/M, following flat pricing in December. This is the first time since 2004 that spot pricing has increased in the month of December.

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