For their upgrade, the firm cited: (1) Post NAND industry oversupply and price pressure through 3Q12, we expect a return to supply/demand balance by 4Q12 as we believe suppliers such as Samsung and Hynix are pushing out capacity expansion and shifting some NAND capacity to logic; (2) We expect modest gross margin expansion for SanDisk in 2H12 given tighter supply dynamics; (3) Long term, we see o