Why SanDisk (SNDK) Stock Is Gaining Today

NEW YORK (TheStreet) -- SanDisk (SNDK) shares are up 2.9% to $103.17 on Thursday after analysts at Morgan Stanley (MS) reiterated the stock's "overweight" rating and $115 price target.

The firm believes that Apple's (AAPL) increase in its phone's NAND flash memory will have a positive effect on SanDisk's long term prospects.

"Apple's increase in NAND per phone has material (but small) short term impact to NAND suppliers, but big long term impact. 67% lower price per GB to consumers will increase NAND use in Apple and Android devices, providing a long awaited source of demand elasticity, without major price declines," said the firm.

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

"We rate SANDISK CORP (SNDK) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, growth in earnings per share, expanding profit margins and solid stock price performance. We feel these strengths outweigh the fact that the company shows weak operating cash flow."

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