BofA starts SanDisk with a Buy amid improving memory pricing environment

As previously reported, BofA initiated coverage of SanDisk (SNDK) with a Buy rating and $61 price target Given the near-term supply-demand balance, the pricing environment for NAND flash memory is “increasingly positive over the next few quarters,” says the analyst, whose Buy thesis is predicated on improving memory pricing as supply-demand has turned favorable; margin upside; better through-cycle economics; a JV structure that creates a unique shared capex profile and; a valuation that remains attractive relative to peers.