Zeev's Turnips Patch-No Politics (ZEEV)

[goodluck]

7:45AM SNDK upgraded at Goldman Sachs 57.73:
Goldman Sachs upgrades SanDisk to Outperform from In-Line, citing the following factors: 1) Q1 ests are conservative, with the potential for upside due to very strong sell-through of Digital Cameras, 2) stock usually peaks 8-9 months before a cyclical earnings est and margin top (however, cyclical supply demand concerns for NAND flash won't materially affect the NAND pricing outlook until early 2005), 3) a deep Dec share price swoon has often been followed by a significant Jan rally, and 4) relative valuation is attractive at 23.4x their 2004 est vs the group at 33.3x.