MILPITAS, Calif. (
) -- Shares of Flash memory specialist
surged more than 6% on Monday as investors reacted to the company's latest upgrade.
from neutral to buy and the analyst firm also boosted its estimates for the storage maker, citing favorable pricing and mobile design wins.
The company's stock leapt $2.73, or 6.36%, to $45.63 following the upgrade, reversing the modest dip in tech stocks that saw the Nasdaq slip 0.05%.
SanDisk is one of
and has been grabbing plenty of attention recently. The Flash maker's shares have risen more than 216% over the last 12 months as the firm
SanDisk, which competes with
, reports its second-quarter results after market close on Thursday July 22. Analysts surveyed by Thomson Reuters expect the company to post revenue of $1.15 billion and earnings of 89 cents a share, compared to sales of $731 million and earnings of 36 cents a share in the prior year's quarter.
-- Reported by James Rogers in New York
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