NEW YORK (TheStreet) -- SanDisk Corp. (SNDK) stock is declining 2.70% to $66.99 in afternoon trading on Monday after one of Western Digital Corp. (WDC) biggest shareholders urged the hard-disk drive manufacturer to reconsider its plans to acquire the flash storage maker for $19 billion, Reuters reports.

Shares of Western Digital are up 4.28% to $46.01 this afternoon.

Alken Asset Management said the recent decline in the data storage sector has weakened SanDisk's stock price, making the proposed deal overpriced, Reuters added.

SanDisk's stock price has fallen about 16.5% so far this year as prices for its products decline and inventory levels weaken, Reuters added.

"The price being paid for SanDisk is excessive in light of the changing landscape for SanDisk's products and capital markets considerations," Alken Asset Management analyst Vincent Rech said, according to Reuters.

Separately, SanDisk has a "hold" rating and a letter grade of C+ at TheStreet Ratings because of the company's strengths, such as largely solid financial position with reasonable debt levels by most measures and expanding profit margins, and its weaknesses, including generally disappointing stock performance, deteriorating net income and disappointing return on equity.

You can view the full analysis from the report here: SNDK

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. 

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