SanDisk Jumps 3.6% After S&P 100 Addition as Dell and Palo Alto Also Advance
Updated
Updated · Yahoo Finance · Sep 8
SanDisk Jumps 3.6% After S&P 100 Addition as Dell and Palo Alto Also Advance
3 articles · Updated · Yahoo Finance · Sep 8
Summary
SanDisk rose 3.6% in late Monday trading after S&P said it will join the S&P 100 on Sept. 21, extending a nearly 12% jump from Friday’s session.
Dell Technologies and Palo Alto Networks, also added to the index, gained less than 1% as inclusion lifted visibility, credibility and expected demand from index-tracking funds.
S&P is replacing Nike, Colgate-Palmolive, Molson Coors Beverage and Simon Property Group with SanDisk, Dell, Palo Alto Networks and Arista Networks, underscoring tech’s growing weight over consumer names.
Lynx Research set a $2,450 target on SanDisk versus its $1,740 Friday close, while 20 of 24 analysts rate the stock Buy or better and see about 22% upside on average.
SanDisk remains one of the S&P 500’s biggest winners this year, up 633%, though retail sentiment on Stocktwits was still marked bearish as of Sunday.