AmTech Reiterates Buy on SanDisk (SNDK); $40 PT

American Technology Research reiterates its Buy rating and $40 price target on SanDisk (Nasdaq: SNDK).

The firm expects shares of SanDisk to benefit from an increase in NAND demand due to an anticipated 3G Apple (Nasdaq: AAPL) iPhone build over the next 18 months. AmTech cites sources saying that Apple could manufacture 20 million 3G iPhone's, with a production ramp beginning in Q3.

AmTech notes that Q2 is seasonally strong for SanDisk, but the firm believes that production of the 3G iPhone will further boost NAND demand.

Notably, AmTech's $40 price target on SanDisk represents potential upside of 35.6% from current levels around $29.50.

SanDisk Corporation designs, develops, manufactures, and markets NAND-based flash storage card products that are used in various consumer electronics products. [BCS]

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