SanDisk price target raised to $273 from $263 at Morgan Stanley

Morgan Stanley raised the firm’s price target on SanDisk (SNDK) to $273 from $263 and keeps an Overweight rating on the shares. Memory stocks have sold off lately due to concerns about higher capital spending, or the view that shortages may be easing, but neither impacts the firm’s view, says the analyst, who contends that the recent selloff does not seem warranted as reports of tightening memory supply points to very strong earnings ahead.