Sandisk Corp. (NASDAQ:SNDK) is one of the 10 Stocks With Remarkable Resilience.
Sandisk climbed to a fresh all-time high on Wednesday, as investor sentiment was bolstered by Morgan Stanley’s highly optimistic outlook for its stock, having upgraded its price target by 59 percent.
In intra-day trading, Sandisk Corp. climbed to a record high of $1,861 before trimming gains to finish the session just up by 6.71 percent at $1,831.50 apiece.
Photo from Sandisk’s website
In a market note, Morgan Stanley raised its price target for the memory giant to $1,750 from $1,100 previously, amid the strong demand for the NAND market, which continues to outstrip supply. In the past year alone, the company skyrocketed by as much as 4,570 percent.
“There’s no quick fix to the memory shortage,” Morgan Stanley said, adding that supply constraints are expected to persist over the next two to three years.
“We don’t think the run of strong performance is over,” it underscored.
The investment firm expects Sandisk Corp. to grow earnings per share for this year and the next by 12 percent and 24 percent, respectively.
In other news, Sandisk Corp. is set to participate in the Mizuho Technology Conference on Tuesday, June 9. Investors are expected to watch for the company’s business cues and updated outlook.
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