Why Sandisk Stock Blasted 15% Higher Today
Key Points
Not one, but two analysts at large U.S. banks lifted their price targets on the company.
Only one rates it a buy, however.
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The Trump administration seemed to be softening its stance on trade with China on Monday, and relieved investors put money into companies that depend on exports from that country. One such business is Sandisk (NASDAQ: SNDK); the company's stock rose by over 15% in answer to this plus a pair of analyst price-target raises.
China thaw?
Sunday night on President Trump's favored media platform, his Truth Social site, he posted a message about this country's relationship with the Asian nation.
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"Don't worry about China, it will all be fine!" Trump wrote. "Highly respected President Xi just had a bad moment. He doesn't want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!!"
The two countries are locked in something of a trade war, with the Trump administration imposing tariffs that in numerous instances have been prohibitive. China has retaliated with measures meant to counter these actions.
Sandisk not only imports components from China, but it has a stake in a manufacturing plant in the country.
Twin hikes
Meanwhile, on Monday two analysts from high-profile U.S. banks raised their price targets on Sandisk stock.
Wells Fargo's Hanwen Chang more than doubled the bank's fair value assessment on the shares, raising it to $115 per share from $50. Citigroup pundit Asiya Merchant is more bullish on the company, maintaining a buy recommendation while increasing the price target to $150 per share from $125.
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Wells Fargo is an advertising partner of Motley Fool Money. Citigroup is an advertising partner of Motley Fool Money. Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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