SanDisk investors must be glad that the first quarter is over.
With a 35 percent drop since the start of the year, SanDisk was the worst S&P 500 stock in Q1.
And the bad news is that traders and analysts see no reason to believe that a turnaround is ahead.
A sampling of phrases contained in the titles of research notes released over the past week tells a bit of the story: "Struggles Continues" [sic] (Stifel); "Downgrading SanDisk to Neutral" (BTIG); "Lowering Estimates" (Piper Jaffray); "Maintain Reduce" (Nomura); "Downgrading to Hold" (Evercore ISI); "This One Doesn't Look Pretty" (Ladenburg Thalmann); "More Bad News to Come" (Wedbush); "Cutting Numbers on Latest Glitch" (Drexel Hamilton).
For their part, Goldman Sachs added SanDisk to its conviction buy list on March 10, before taking the stock off the list just over two weeks later, on March 26. The stock lost 19 percent during that period, getting crushed after the company withdrew its full-year 2015 guidance, warning that its full-year revenue would be lower than previously forecast. The company also canceled a planned investor day, which is rarely a good sign.