With SanDisk down 45 percent for the year, the flash memory maker is finally undervalued, according to a top-ranked Wall Street analyst, especially after a significant investment into the industry by an influential Chinese investment fund.
Joseph Moore of Morgan Stanley upgraded SanDisk to "overweight" from "equal-weight" in a note sent to clients Thursday morning.
He presciently downgraded SanDisk in June. The shares are down 18 percent since that report.
Moore's picks average an 11 percent one-year return, and he is ranked in the top 10 percent of all Wall Street analysts, according to TipRanks.com.
Here's why he likes SanDisk now.