NEW YORK ( TheStreet) -- SanDisk ( SNDK) was the worst-performing stock in the S&P 500 Wednesday morning. The S&P was down 13.48 points, or 0.95%, to 1,399.90.
Shares of SanDisk fell 9.39% to $45.35 on about double its average daily trading volume. The flash-memory company reduced its first-quarter guidance on Tuesday because of lower-than-anticipated demand and pricing. SanDisk has an estimated price-to-earnings ratio for next year of 9.12 times; the average for semiconductor companies is 15.18. For comparison, both Broadcom ( BRCM) and Altera ( ALTR) have higher forward P/Es of 12.19 and 17.26, respectively. Nineteen of the 25 analysts who cover SanDisk rated it buy. Five analysts gave the stock a hold rating and one rated it sell. TheStreet Ratings gives SanDisk a B+ grade with a buy rating and a $58 price target. The stock has fallen 8% year to date. -- Written by Alexandra Zendrian >To contact the writer of this article, click here: Alexandra Zendrian >To submit a news tip, send an email to: firstname.lastname@example.org. >To follow the writer on Twitter, go to Alexandra Zendrian.