Craig-Hallum analyst Christian Schwab raised his price target for Western Digital to $88 from $64 and maintained a Buy rating following comments from the company at an investor conference on Thursday. In a research note to investors, Schwab says management reiterated that the company is seeing NAND pricing improving and expects excess industry inventory to be eliminated by the end of the calendar year. Schwab says that with NAND ASPs firming and expectations for continued disciplined CapEx, he believes the company has a path to driving over $18B in annual revenue, at which point he believes the company can operate at the mid-point of its 20%-25% operating margin target and drive annual EPS power of roughly $11.

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Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here