NEW YORK (TheStreet) -- Shares of SanDisk Corp. (SNDK) slumped 11.3% to $72 in pre-market trading today as the flash storage solutions company cut its first fiscal quarter revenue forecast.

The Milpitas, CA-based company announced today that it expects its revenue for the first fiscal quarter, which will end on March 29, to be approximately $1.3 billion, depending on final sell-through results, compared to the previously forecasted revenue range of $1.4 billion to $1.45 billion.

The change in first quarter revenue estimate is primarily due to "certain product qualification delays," lower than expected sales of enterprise products and lower pricing in some areas of the business, the company said.

SanDisk expects continued impact to its 2015 financial results from these factors, as well as the previously identified supply challenges, and now forecasts 2015 revenue to be lower than the previous guidance.

"We are disappointed with our financial outlook," CEO Sanjay Mehrotra said. "We will work through these headwinds, leveraging our compelling product roadmap and broadening customer base. We believe our growth prospects remain strong and we are encouraged by the progress we are making in our 3D NAND technology."

Other forecasts for the quarter and the year are withdrawn, and the company will provide an update during its first quarter earnings call on April 15. SanDisk will also reschedule its previously announced May 2015 Investor Day to a later date.

Insight from TheStreet's Research Team:

The Street's Jim Cramer, Portfolio Manager of Action Alerts PLUS Charitable Trust Portfolio, recently commented on the stock and the semiconductor group. Here's a snippet of what he had to say:

If we look at Micron (MU) - Get Report, Qualcomm (QCOM) - Get Report and Intel (INTC) - Get Report, three of the hottest semiconductor stocks of last year, we come away with a profound sigh. It's simply not happening for them and we have to, therefore, wonder about the group. Same with once-popular SanDisk, Western Digital (WDC) - Get Report and Seagate (STX) - Get Report, the first a putative king of flash memory and the second two the dominant disk-drive companies.

They are all down for the year, many by double digits, and they are flashing red for the components sector. Does that mean the semis and their brethren are finished, some sort of secular decline?

Hardly. It just means these companies are levered to the personal computer, which is in secular decline, and not the revolution in connectivity, which is the most powerful trend in tech today.

The truth is that the semiconductor group is about as strong as I have ever seen it, a fantastic leadership sector that is dominating all tech at a time when software, hardware, the Internet and the cloud are all in variation degrees of pausing and churning that gives a total false impression of the group.

Which are the standout companies in connectivity? First and foremost I like Skyworks Solutions (SWKS) - Get Report, which has become a colossus, a dominant parts maker for handsets, which have become the dominant way we get our information.

This company's stock is up 40% for the year and kudos to Bryan Ashenberg and his Growth Seeker newsletter for pointing this one out to all of us. Skyworks, run by the amazing David Aldrich, is emblematic of all the good in semi world as its products dominate everywhere there are connections, including the smart home, the smart medical provider and the smart car, the wearable and aerospace defense.

These are the frontiers of the future and Skyworks plays in them all. If there are indeed going to be 70 billion connected devices by 2020, then Skyworks is perhaps the best positioned to be a part of this revolution.

-Jim Cramer, 'Semiconductor Group Is Fully Engaged' Originally Published on 3/23/2015 on Realmoney.com.

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Separately, TheStreet Ratings team rates SANDISK CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate SANDISK CORP (SNDK) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, expanding profit margins, largely solid financial position with reasonable debt levels by most measures and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income." You can view the full analysis from the report here: SNDK Ratings Report