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Technology Stocks : Semi Equipment Analysis

SOXX 291.39

+2.8%

Nov 26 4:00 PM EST

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To: Donald Wennerstrom who wrote (50998)	1/28/2011 11:44:52 AM
From: Donald Wennerstrom	1 Recommendation Read Replies (1) of 95480

The market is "hammering" SNDK today, presently down about 8/9 percent, over 4 dollars a share. Here is what S&P has to say about their earnings report yesterday and the outlook going forward. <<S&P MAINTAINS HOLD RECOMMENDATION ON SHARES OF SANDISK 9:46 AM ET 1/28/11 SNDK posts Q4 operating EPS of $1.06, vs. $1.45, missing our $1.07 estimate. Sales rose 9% from Q3, above our view, on higher unit shipments. However, the gross margin narrowed more than we forecast, on greater than expected price declines. We see demand driven by rising needs for mobile devices and the adoption of tablets. Also, we see the demand and supply balance staying healthy despite planned industry capacity additions. We keep our '11 EPS estimate at $4.15 and initiate '12's at $3.93. We up our 12-month target price by $11 to $58, on higher revised peer-average P/E.

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