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WDC

Western Digital

$86.37

-3.55 (-3.95%)

, TOSYY

Toshiba, also use TOSBF

$17.08

-0.29 (-1.67%)

18:26
09/20/17
09/20
18:26
09/20/17
18:26

Sandisk subsidiaries initiate new arbitration proceedings against Toshiba

Western Digital (WDC) announced that several of its SanDisk subsidiaries have filed an additional Request for Arbitration with the ICC International Court of Arbitration related to three NAND flash-memory joint ventures operated with Toshiba (TOSBF, TOSYY). On Aug. 3, 2017, Toshiba announced that it would unilaterally invest in manufacturing equipment for the Fab 6 clean room at the JV operations in Yokkaichi, Japan. The arbitration demand seeks, among other things, a permanent injunction preventing Toshiba from making unilateral investments in manufacturing equipment for Fab 6 without first giving SanDisk the opportunity to make a comparable investment in expansions and conversions of JV capacity for BiCS 3D NAND flash memory. Western Digital commented: "It is unfortunate that SanDisk is forced to initiate binding arbitration to remedy Toshiba's retaliatory breach of the JV agreement entered into by both SanDisk and Toshiba. The terms of the agreement and our related legal rights are clear. The agreement gives SanDisk the right to participate in expansions and conversions of manufacturing capacity for BiCS 3D NAND flash memory products through joint investments in Fab 6 equipment. Toshiba has improperly denied SanDisk its rights to joint investment by unilaterally investing in manufacturing equipment at Fab 6. We believe that our NAND supply requirements through calendar 2018 are secure, with no meaningful supply from Fab 6 anticipated until calendar year 2019. We will continue to act in the best interests of our stakeholders, protecting SanDisk's interests in the JVs and consent rights through both our request for injunctive relief and the arbitration process. The arbitration requests filed by Western Digital's SanDisk subsidiaries on May 14, 2017, and July 5, 2017, continue to move forward in the ICC International Court of Arbitration."

WDC

Western Digital

$86.37

-3.55 (-3.95%)

TOSYY

Toshiba, also use TOSBF

$17.08

-0.29 (-1.67%)

TOSBF

Toshiba, also use TOSYY

$2.87

-0.02 (-0.69%)

WDC Western Digital
$86.37

-3.55 (-3.95%)

09/13/17
LBOW
09/13/17
NO CHANGE
Target $120
LBOW
Buy
iPhone 64GB starting point a 'pleasant surprise' for NAND makers, says Longbow
Longbow analyst Joe Wittine said many had expected a 32GB starting point for the memory in the new iPhones, consistent with the 7/7+, calling the new 64GB starting point for the iPhone 8/8+ a "pleasant surprise" for companies in the NAND supply chain. Rising NAND consumption could help smooth the eventual downside of the cycle for Western Digital, helping it maintain greater than 40% gross margins for longer, added the analyst. Wittine keeps a Buy rating and $120 price target on Western Digital shares.
09/13/17
SBSH
09/13/17
NO CHANGE
Target $110
SBSH
Buy
Citi still sees Western Digital participating in Toshiba joint venture
Citi analyst Stanley Kovler says he continues to believe Western Digital (WDC) will be able to participate in the joint venture with Toshiba (TOSYY, TOSBF) and source NAND much like it has in the past, even after Toshiba signed a memorandum of understanding with the Bain Capital consortium for the sale of its memory business. If Western Digital takes a more commercial approach to resolution versus a legal route, the analyst sees a path to work with Bain and co-invest in Fab6. Kovler keeps a Buy rating on Western Digital with a $110 price target.
09/19/17
BFIN
09/19/17
NO CHANGE
BFIN
Hard disk drive demand environment degrading, says BlueFin
BlueFin analyst John Donovan said the demand environment for Western Digital (WDC), Seagate (STX) and Toshiba (TOSBF) for hard disk drives has been degrading, with September to date not being as robust as anticipated. He sees true demand tracking under 100M units in the quarter, but still sees drive suppliers on a path to over 102M units, he added. Pricing is "even more aggressive" than he previously feared, Donovan added.
09/20/17
COWN
09/20/17
NO CHANGE
COWN
Western Digital risk/reward still attractive, says Cowen
After it was reported that Toshiba (TOSBF) could sell its NAND business to a Bain-led consortium, Cowen analyst Karl Ackerman says that in a "base case, status quo" scenario, in which Western Digital (WDC) retains "ownership in Flash Ventures and access to NAND IP and manufacturing," the stock's value is $117 per share. Meanwhile, "in an uber bear case," which includes Toshiba successfully selling its memory business to a third party, Western Digital's stock would be worth $60 per share, the analyst stated. Finally, if Western Digital acquire more than 20% of the memory business, adding up to $1.50 to its annual EPS, the stock could "approach" roughly $135, according to the analyst. Given these scenarios and Ackerman's belief that Western Digital's current stock price implies that its NAND business is worth $45 per share of 50% of what it paid for the business, he thinks that the stock's risk/reward ratio is attractive. He keeps a $117 price target and an Outperform rating on the shares.
TOSYY Toshiba, also use TOSBF
$17.08

-0.29 (-1.67%)

08/14/17
SBSH
08/14/17
UPGRADE
SBSH
Buy
Toshiba upgraded to Buy from Neutral at Citi
Citi analyst Kota Ezawa upgraded Toshiba to Buy saying the company's August 10 briefing indicated that there is reduced risk of additional WEC losses and the NAND business is generating "remarkably high profit." The probability of Toshiba rebuilding and remaining a going concern has increased significantly, the analyst tells investors in a research note. Ezawa now puts the possibility of Toshiba, delisting at less than 30%. The analyst has 430 yen price target for the shares.
08/23/17
COWN
08/23/17
NO CHANGE
Target $117
COWN
Outperform
Western Digital deal with Toshiba would eliminate overhang, says Cowen
Cowen analyst Karl Ackerman said a deal between Western Digital (WDC) and Toshiba (TOSBF) could be voted on by the end of August, which would remove an overhang on Western Digital shares. The analyst sees a deal being accretive through calendar year 2019 and also believes it would eliminate risks surrounding IP leakage and NAND technology leadership. Ackerman reiterated his Outperform rating and $117 price target on Western Digital shares.
TOSBF Toshiba, also use TOSYY
$2.87

-0.02 (-0.69%)

09/12/17
RBCM
09/12/17
NO CHANGE
RBCM
Western Digital likely to hold minority stake in Toshiba, says RBC Capital
After Japanese newspaper Nikkan reported that a consortium which includes Western Digital (WDC) would buy Toshiba's (TOSBF) memory assets, RBC Capital analyst Amit Daryanani says that Western Digital will likely hold a minority stake in the assets, given anti-trust concerns. The analyst estimates that a 12%-13% stake would boost Western Digital's EPS by 25c-30c in 2018. Daryanani believes that the deal will be positive for the company as it will enable it to secure NAND bit capacity, prevent Foxconn/SK Hynix from getting the asset, and could boost its profits. He keeps a $115 price target and an Outperform rating on the stock.

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WILC

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BHP

BHP Billiton

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DRRX

Durect

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TTNP

Titan Pharmaceuticals

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MSA

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$82.20

1.37 (1.69%)

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SKX

Skechers

$24.03

-1.06 (-4.22%)

, CAI

CAI International

$31.38

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PYPL

PayPal

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MXIM

Maxim Integrated

$50.09

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IMDZ

Immune Design

$5.50

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NCR

NCR Corp.

$37.05

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TACO

Del Taco

$15.39

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ATHN

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ISRG

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3.09 (0.87%)

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E-Trade

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CELG

Celgene

$135.96

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PBMD

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$2.36

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AAXN

Axon

$24.62

-0.37 (-1.48%)

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DGX

Quest Diagnostics

$93.23

1.18 (1.28%)

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AAXN

Axon

$24.62

-0.37 (-1.48%)

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BPMX

BioPharmX

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MBVX

MabVax Therapeutics

$0.74

0.0248 (3.47%)

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IBKC

Iberiabank

$80.15

0.05 (0.06%)

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DRRX

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QCP

Quality Care Properties

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FTR

Frontier Communications

$11.48

0.02 (0.17%)

, CHH

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DRIO

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CUBI

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MVC

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CELG

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NGD

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COR

CoreSite Realty

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SXT

Sensient

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