SanDisk: S&P Intraday Laggard

NEW YORK ( TheStreet) -- SanDisk ( SNDK) was the worst performer in the S&P 500 on Friday morning.

The S&P 500 was rising 7.1 points, or 0.52%, to 1,384.02.

Shares of SanDisk fell 13.02% to $35.20. The semiconductor company reported first-quarter earnings on Thursday of $114 million, or 46 cents a share, down from year-earlier earnings of $224 million, or 92 cents a share. Analysts anticipated earnings of 67 cents a share.

A number of analysts also downgraded the shares.Piper Jaffray analyst Jagadish Iyer cut his rating on the stock to neutral from overweight, citing the weak earnings, as well as the lack of any near-term catalysts.

SanDisk trades at an estimated price-to-earnings ratio for next year of 8.38 times; the average for semiconductor companies is 14.86. For comparison, Altera ( ALTR) has a higher forward P/E of 16.57.

Sixteen of the 25 analysts who cover SanDisk rated it buy. Seven analysts gave the stock a hold rating and two rated it sell.

TheStreet Ratings gives SanDisk a B+ grade with a buy rating and $48.69 price target. The stock has fallen 28.25% year to date.

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-- Written by Alexandra Zendrian

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