Sandisk shares fell 13.5% on Friday, October 30, after Wells Fargo downgraded the stock. Wells Fargo cut its price target to $1,300 from $1,550.
On October 29, Sandisk reported first-quarter earnings that beat analyst expectations. Revenue reached $11.03 billion, topping estimates. The company also announced an eight-for-one forward stock split scheduled for November.
The downgrade overshadowed the strong results and stock split announcement, suggesting investors may be concerned about Sandisk’s future growth or valuation.