Sandisk Seen Benefiting From Better NAND Pricing Setup, Wedbush Says

-- Sandisk (SNDK) is expected to benefit from better than expected NAND conditions in fiscal Q3 and a stronger pricing setup heading into the next quarter, Wedbush Securities said in a Wednesday note.

The firm said it is raising its estimates after conversations indicated Sandisk has been able to lift pricing faster than industry peers.

Wedbush now models fiscal Q3 EPS of $14.66 on revenue of $4.74 billion.

Sandisk's fiscal Q3 guide implied about 55% price increases and "with PX's lifting thought the quarter, we believe SNDK should handily exceed that initial outlook," Webush said.

The company will publish its fiscal Q3 results on Thursday.

Wedbush maintained its outperform rating on Sandisk and raised its price target to $1,200 from $740.

Shares of Sandisk were 8.5% higher in Wednesday trading.

Price: $1087.98, Change: $+85.62, Percent Change: +8.54%

RBC Maintains First Quantum's Outperform Rating, C$45 Price Target

RBC Capital Markets maintained its outperform, speculative risk, rating on the shares of First Quantum Minerals (FM.TO)' and its C$45.00 price target following the company's first-quarter results.RBC expects a modest negative reaction to the results, given a headline miss on EBITDA and adjusted earnings per share.The company reported a first-quarter EBITDA of US$326 million, below RBC's forecast of US$461 million and the consensus estimate of US$448 million.Adjusted loss of US$0.18 per share also missed RBC's EPS forecast of US$0.01 per share and the consensus estimate of US$0.06 per share.First Quantum's financial results were impacted by US$144 million of losses on hedges and from lower sales due to timing and inventory replenishment.Price: $33.64, Change: $-0.65, Percent Change: -1.90%

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US Equity Indexes Fall as Iran War Deadlock Sends Crude Oil, Treasury Yields Sharply Higher

US equity indexes traded lower around midday Wednesday as crude oil futures and government bond yields rose amid concern that Iran's blockade will be extended to force Tehran into a peace deal.The Dow Jones Industrial Average fell 0.7% to 48,789.2, with the S&P 500 down 0.2% to 7,122.9. The Nasdaq Composite was 0.2% lower at 24,620.7.President Donald Trump has instructed aides to prepare for an extended blockade of Iran, US officials told The Wall Street Journal. In recent meetings, including a Monday discussion in the Situation Room, Trump opted to continue squeezing Iran's economy and oil exports by preventing shipping to and from its ports, the WSJ said.Trump assessed with his aides that the other options open to him -- resume bombing or walk away from the conflict -- carried more risk than maintaining the country's blockade, the officials told the WSJ."Iran can't get their act together. They don't know how to sign a nonnuclear deal. They better get smart soon!" Trump said in a Truth Social post Wednesday.Meanwhile, West Texas Intermediate crude oil futures jumped 4.9% to $104.86, and Brent crude futures surged 5% to $116.85 amid concern that Trump's policy will prolong disruption in the Strait of Hormuz, the chokepoint for 20% of global crude oil flows.

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Sandisk Seen Benefiting From Better NAND Pricing Setup, Wedbush Says

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