Top analyst: SanDisk set to rebound by 40%

Share
Andrew Harrer | Bloomberg | Getty Images

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.

More In Investing

CNBC ProGoldman, Morgan Stanley and JPMorgan make the case for higher valuations by separating from the pack
CNBC ProMike Santoli’s market notes: Rally out of sideways pause, Netflix reminds us that tech is thriving