We recently published a list of 10 Stocks Lead Monday’s Charge Amid Market Bloodbath. In this article, we are going to take a look at where Sandisk Corporation (NASDAQ:SNDK) stands against other stocks that lead Monday’s charge amid market bloodbath.

The stock market kicked off the trading week in a bloodbath, erasing last week’s gains, with all major indices posting heavy losses following President Donald Trump’s confirmation that tariffs on goods from Mexico and Canada are set to take effect on Tuesday.

The tech-heavy Nasdaq posted the biggest loss, down 2.64 percent, followed by S&P at 1.76 percent, and Dow Jones at 1.48 percent.

According to Trump, there was no room left for Mexico and Canada, and his 25-percent tariff for the two countries “will start.” He also signed an additional 10-percent tariff on goods from China.

Despite the market decline, ten companies bucked an overall pessimistic sentiment, making it to the top gainers list mainly due to bullish ratings and earnings performance, among others. In this article, we have detailed the reasons behind their gains.

To come up with Monday’s top gainers, we considered only the stocks with $2 billion in market capitalization and $5 million in daily trading volume.

Sandisk Corporation (NASDAQ:SNDK)

Sandisk Corporation (NASDAQ:SNDK) rallied by 7.39 percent on Monday to end at $50.31 apiece as investor sentiment was buoyed by its upgraded rating from an investment bank.

Morgan Stanley on Monday announced that it initiated coverage on Sandisk Corporation (NASDAQ:SNDK) and gave the company a price target of $84 and an overweight rating.

The price target represented a 67-percent premium on SNDK’s latest stock price.

According to Morgan Stanley analyst Joseph Moore, it sees the first semester of the year as tough for Sandisk Corporation (NASDAQ:SNDK)’s NAND storage technology, but a 90-percent upside for the shares in twelve months as cyclical drivers reverse for an “underappreciated”  NAND franchise.

Despite uncertainties, Moore said that Sandisk Corporation (NASDAQ:SNDK) offers one of the best risk/rewards in its industry.

Overall, SNDK ranks 8th on our list of stocks that lead Monday’s charge amid market bloodbath. While we acknowledge the potential of SNDK as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than SNDK but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap

Disclosure: None. This article is originally published at Insider Monkey.