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WDC

Western Digital

$84.37

-1.3 (-1.52%)

, TOSBF

Toshiba, also use TOSYY

$2.34

-0.064 (-2.67%)

11:41
08/03/17
08/03
11:41
08/03/17
11:41

Western Digital: Toshiba dialogue to come to mutually acceptable terms

Western Digital (WDC) commented on its commitment to the success of the three NAND flash-memory joint ventures that Western Digital's SanDisk subsidiaries operate with Toshiba Corporation (TOSBF). The company said, "Western Digital is steadfast in its commitment to the success of the JVs. We have been in constructive dialogue with Toshiba over several weeks to come to mutually acceptable terms around our planned investment in the JVs, specifically in production equipment to be used at the new fab currently under construction in Yokkaichi, Fab 6. Those discussions are ongoing. The JV operations are governed by agreements entered into by both partners. The agreements set out a framework for any investment by the partners in NAND manufacturing capacity - such as the investment in equipment for Fab 6. The agreements give us priority to participate in joint investments in Fab 6 equipment through the JVs, and that is exactly what we intend to do. Our Board of Directors has authorized investments for our share of initial Fab 6 equipment. We remain committed to making continued significant investments in Yokkaichi and the surrounding communities to support the JVs and preserve Yokkaichi as the world's centerpiece of innovation in memory technology development and manufacturing." Western Digital also noted that, on Aug. 2, 2017, the California Court of Appeal First Appellate District denied Toshiba's petition to stay the temporary restraining order ("that had been granted in SanDisk's favor by the Superior Court on July 11, 2017. After a full briefing on the matter, the California Court of Appeal denied Toshiba's request to stay the TRO prohibiting Toshiba's lockout. The Court's ruling dissolved the temporary stay of the TRO, which prohibits Toshiba from preventing certain employees from accessing shared databases and servers, and from refusing to ship certain engineering wafers and samples to Western Digital in Milpitas, California. SanDisk is confident that it will succeed in its claims in arbitration in the ICC International Court of Arbitration.

WDC

Western Digital

$84.37

-1.3 (-1.52%)

TOSBF

Toshiba, also use TOSYY

$2.34

-0.064 (-2.67%)

TOSYY

Toshiba, also use TOSBF

$14.02

-0.336 (-2.34%)

WDC Western Digital
$84.37

-1.3 (-1.52%)

07/28/17
LOOP
07/28/17
NO CHANGE
Target $140
LOOP
Buy
Western Digital should be bought at these levels, says Loop Capital
Loop Capital analyst Ananda Baruah is "vigorously reiterating" his Buy rating and $140 price target on Western Digital shares after the company's Q4 report was even strong than its preannouncement. With the cloud market "literally ripping like never before," Western Digital could "potentially blow away" its calendar 2017 guidance, Baruah tells investors.
07/28/17
LEHM
07/28/17
NO CHANGE
Target $131
LEHM
Overweight
Western Digital price target raised to $131 from $125 at Barclays
Barclays analyst Mark Moskowitz raised his price target for Western Digital to $131 saying he expects the shares to be upwardly biased in the near-term following last night's Q4 results. The results and outlook should gradually refocus investors on the long-term story, which is a good one, Moskowitz tells investors in a research note. He keeps an Overweight rating on the shares.
07/25/17
COWN
07/25/17
NO CHANGE
COWN
Hynix challenges in 3D NAND could help Micron, Western Digital, says Cowen
Cowen analyst Timothy Arcuri noted Hynix reported record gross and operating margins on continued strength in average selling prices that offset lower bits. The analyst said 3D NAND challenges leaves room for both Micron (MU) and Western Digital (WDC) to gain market share.
07/25/17
COWN
07/25/17
NO CHANGE
Target $117
COWN
Outperform
Western Digital shares may be range-bound until court hearing, says Cowen
Cowen analyst Karl Ackerman noted Western Digital has already pre-announced its June quarter and he said he sees modest upside to Street numbers for the September quarter. The analyst said despite expectations for a beat, he sees the stock bridled until the resolution of a court hearing on July 28. Ackerman reiterated his Outperform rating and $117 price target on Western Digital shares.
TOSBF Toshiba, also use TOSYY
$2.34

-0.064 (-2.67%)

06/09/17
NOMU
06/09/17
NO CHANGE
NOMU
Micron has positive read through from Broadcom news, says Nomura Instinet
After meeting with Broadcom's (AVGO) CEO, Nomura analyst Romit Shah thinks that the company tried to buy Toshiba's (TOSBF) NAND flash business. The analyst says that Broadcom's effort should lead investors to question whether Micron (MU) is undervalued. He keeps a $40 price target and Buy rating on the shares.
05/24/17
STFL
05/24/17
NO CHANGE
STFL
Western Digital acquisition of Toshiba could be 10%-15% accretive, says Stifel
After Kyodo News reported that Western Digital (WDC) has offered to buy Toshiba (TOSBF) for about $18B, Stifel analyst Aaron Rakers estimates that the deal could be 10%-15% accretive for Western Digital at that price. He keeps a $120 price target and a Buy rating on Western Digital.
07/17/17
COWN
07/17/17
NO CHANGE
Target $117
COWN
Outperform
Western Digital successful bid for Toshiba unit would be accretive, says Cowen
Cowen analyst Karl Ackerman noted Western Digital (WDC) won three court victories in its case against Toshiba (TOSBF), which he sees strengthening its position to acquire the remaining 50% of its memory division. The analyst believes a successful bid would yield 10-15% accretion to earnings in 2018 and drive a higher multiple for Western Digital shares. Ackerman reiterated his Outperform rating and $117 price target on Western Digital.
06/27/17
BTIG
06/27/17
NO CHANGE
BTIG
Western Digital fundamentals still 'quite strong,' says BTIG
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.
TOSYY Toshiba, also use TOSBF
$14.02

-0.336 (-2.34%)

03/31/17
UBSW
03/31/17
NO CHANGE
Target $245
UBSW
Buy
Broadcom deal for Toshiba NAND has wide range of accretion potential, says UBS
UBS analyst Stephen Chin commented on the Nikkei report that Broadcom (AVGO) and Silver Lake Partners had submitted a bid to acquire Toshiba's (TOSBF) NAND business for $17.9B, saying he would not be surprised if Broadcom were in fact a bidder but he is not sure if a deal will happen. Depending on the structure of a deal, his pro forma scenarios range from 3% EPS accretion in FY18 to 9% in FY19 accretion, he tells investors. Chin keeps a Buy rating and $245 price target on Broadcom shares, which slid by 0.6% to close at $220.04 yesterday.
05/18/17
UBSW
05/18/17
NO CHANGE
Target $21
UBSW
Buy
Marvell shares will outperform when company addresses trends, says UBS
UBS analyst Stephen Chin laid out three reasons why he still likes Marvell (MRVL) shares. He cited its strong balance sheet and a decision on either a big buyback or an acquisition soon; expectations for storage sales to continue to grow; and his view that the concerns about the possibility of a competitor buying Toshiba's (TOSBF) memory assets are overblown. The analyst feels Marvell's valuation remains attractive and once the company addresses concerns about fundamental trends in storage, the stock should outperform. Chin maintained his Buy rating and $21 price target on Marvell shares.
03/17/17
RBCM
03/17/17
NO CHANGE
RBCM
Western Digital likely to acquire Toshiba, says RBC Capital
After multiple media reports stated that the Japanese government probably won;t rescue Toshiba (TOSBF, TOSYY), RBC Capital analyst Amit Daryanani says that the news "greatly increases" the odds of the company being acquired by U.S. entities. He thinks that Western Digital (WDX), in partnership with private equity firms, is the "high probability acquirer" of the company. By undertaking the deal, Western Digital would "further improve its NAND position and drive significant accretion with an upside bias to our $12.00+ EPS scenario," Daryanani wrote. He kept a $90 price target and an Outperform rating on the shares.

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