SanDisk price target lowered to $45 from $56 at Wells Fargo

Wells Fargo analyst Aaron Rakers lowered the firm’s price target on SanDisk (SNDK) to $45 from $56 and keeps an Equal Weight rating on the shares. The firm cites macro uncertainty and forthcoming WD 28.8M share dissolution via debt-for-equity transfer. That said, SanDisk’s structural comments on NAND leave Wells to consider a thru-cycle EPS story in $5/share-plus range.