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Bank of America (NYSE: BAC) is bullish on Sandisk (NASDAQ: SNDK). The company began trading on the Nasdaq in February. And it has exploded 440% since then. Even after that run, Bank of America says the stock is not expensive. As they explained in a new note to clients… “We expect the price to BV multiple to rerate from 0.8x-2x to 3x-4x for the next few years on higher revenue growth with all-time high profitability levels. We believe SNDK shares will rerate to at least 3-4x book value given a very strong memory cycle.” BofA pointed to rising demand from data centers, which is now pushing pricing higher. At the same time, the expected shortage of traditional hard disk drives is driving more interest in higher-performing solid-state drives. The bank raised its price target from $125 to $230 per share.
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