SanDisk (SNDK: sentiment, chart, options) was bombarded with a double-shot of notes from the brokerage bunch this morning. More specifically, the firm was cut to "market underperform" from "market perform" by JMP Securities, with a UBS analyst raising his price target on the shares to $35 from $24. Thomson Financial reports that the average 12-month price target on the equity is $34.46.

Taking a look at the rest of the Street, Zacks data indicates that the majority of brokers ranking SNDK remain in the bears' lair. The stock currently maintains 13 "hold" or worse ratings, compared to 8 "buy" or better ratings.

So, are these bears justified? I'll let you be the judge. Technically speaking, the shares of SNDK receded more than 50% after falling off support near the 50 level in October 2007. However, since bottoming out at the 20 region in mid-March, the security has managed to pare some of those losses, currently hovering near the 32 marker. What's more, the stock's 10-week and 20-week moving averages are now poised to make a bullish cross, indicative of potential intermediate-term strength.

However, it seems the bears aren't confined strictly to the brokerage bunch; near-term options players have become increasingly bearish this week, heading into May options expiration today. The stock's SOIR has jumped from its perch at 0.86 (in the 89th percentile) on Tuesday, to its current spot at 0.96 (in the 99th percentile) today.