Information Provided By:
Fly News Breaks for June 27, 2017
TOSYY, TOSBF, WDC
Jun 27, 2017 | 08:56 EDT
BTIG analyst Edward Parker says that Western Digital's (WDC) "strong preliminary results" indicate that its "fundamentals remain quite strong." The analyst says he doesn't believe that Toshiba (TOSBF, TOSYY) can sell its share in the chip joint venture while Western Digital is seeking injunctive relief. He adds that the intensity of the battle over the joint venture shows that there is widespread optimism about the memory sector. He keeps a $120 price target and a Buy rating on Western Digital.