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WDC

Western Digital

$84.35

1.35 (1.63%)

, TOSYY

Toshiba, also use TOSBF

$16.55

0.06 (0.36%)

05:07
10/05/17
10/05
05:07
10/05/17
05:07

Western Digital downgraded to Hold from Buy at Deutsche Bank

Deutsche Bank analyst Sherri Scribner last night downgraded Western Digital (WDC) to Hold and cut her price target for the shares to $80 from $105. Uncertainty over the sale of Toshiba's (TOSYY) memory business as well as a peaking NAND cycle warrant a cautious view, Scribner tells investors in a research note. NAND market tightness will start to ease in 2018, suggesting a cycle peak is nearing, the analyst contends. She advises investors to take a "more cautious, wait-and-see approach" with respect to Western Digital shares.

WDC

Western Digital

$84.35

1.35 (1.63%)

TOSYY

Toshiba, also use TOSBF

$16.55

0.06 (0.36%)

  • 11

    Oct

WDC Western Digital
$84.35

1.35 (1.63%)

10/02/17
BARD
10/02/17
DOWNGRADE
Target $93
BARD
Neutral
Western Digital downgraded to Neutral from Outperform at Baird
Baird analyst Tristan Gerra downgraded Western Digital (WDC) to Neutral from Outperform, saying he believes the potential outcomes from the company's ongoing litigation with Toshiba (TOSYY) "range from neutral to significantly negative" and the ongoing fight will cap the stock's valuation in the near-term. Meanwhile, NAND flash pricing is peaking and by the time the litigation is resolved investors will likely focus on a less favorable NAND pricing environment, he tells investors. Gerra cut his price target on Western Digital shares to $93 from $120.
10/02/17
10/02/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. PepsiCo (PEP) downgraded to Hold from Buy at Jefferies with analyst Kevin Grundy saying North American beverage trends continue to deteriorate and Pepsi's likely need for reinvestment should "cap the stock" over the next 12 months. 2. Western Digital (WDC) downgraded to Neutral from Outperform at Baird with analyst Tristan Gerra saying he believes the potential outcomes from the company's ongoing litigation with Toshiba (TOSYY) "range from neutral to significantly negative" and the ongoing fight will cap the stock's valuation in the near-term. 3. Uniti Group (UNIT) downgraded to Neutral from Overweight at JPMorgan with analyst Philip Cusick saying the "theme of Windstream's (WIN) distress continues to increase in volume." 4. Parker-Hannifin (PH) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Nigel Coe saying he sees a more balanced risk-reward following the stock's strong outperformance since the election. 5. bluebird bio (BLUE) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Matthew Harrison saying he believes the risks ahead of the company's presentation of LentiGlobin sickle cell data at December's American Society of Hematology meeting remains underappreciated. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/03/17
LEHM
10/03/17
NO CHANGE
Target $131
LEHM
Overweight
Western Digital could win injunctive relief against Toshiba, says Barclays
Toshiba (TOSYY) could fail to close its sale of Toshiba Memory Corporation to a Bain-led consortium due to contractual-based consent rights that are in place, Barclays analyst Mark Moskowitz tells investors in a research note titled "Don't Head for the Exit; WD Has Legal & Regulatory Support in Its Corner." After reviewing the Flash Ventures joint venture agreements between Toshiba Memory and Western Digital's (WDC) SanDisk, the analyst sees legal and regulatory hurdles to the proposed transaction. Moskowitz believes SanDisk could file for and win injunctive relief, ultimately forcing Toshiba to reconsider a deal favorable to Western Digital. The analyst keeps an Overweight rating on Western Digital shares with a $131 price target.
10/04/17
DBAB
10/04/17
DOWNGRADE
DBAB
Hold
Western Digital downgraded to Hold from Buy at Deutsche Bank
TOSYY Toshiba, also use TOSBF
$16.55

0.06 (0.36%)

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.
09/25/17
MSCO
09/25/17
NO CHANGE
Target $123
MSCO
Overweight
Western Digital shares overreacted to JV news from Toshiba, says Morgan Stanley
After Toshiba (TOSYY) selected a Bain-led consortium as the preferred buyer of its Toshiba Memory Corporation business, Morgan Stanley analyst Katy Huberty said the reaction in Western Digital (WDC) shares to the news was an overreaction. She notes that the deal is an investment only, not a transfer of IP or manufacturing knowledge, and Western Digital has already filed additional arbitration proceedings. The analyst, who thinks both Toshiba and Western are best served by working closely to continue the joint venture, keeps an Overweight rating and $123 price target on WD shares.
10/02/17
10/02/17
UPGRADE
Target $50

Buy
Seagate upgraded to Buy at Craig-Hallum
As previously reported, Craig-Hallum analyst Christian Schwab upgraded Seagate (STX) to Buy from Hold as he believes Q1 results are tracking in line with Street expectations, and his checks suggest Seagate is seeing traction with its 10TB drives and certain pricing activity from Western Digital is further benefiting the company. The analyst also takes comfort in ValueAct's nearly $1B investment in Seagate, and is encouraged by the announcement that Seagate is part of the Bain consortium that signed a Share Purchase Agreement for Toshiba's (TOSBF; TOSYY) memory business with expectations to enter into a long-term NAND supply agreement with Toshiba Memory for continuity of raw NAND for Seagate's expanding SSD portfolio. Schwab also raised his price target on Seagate's shares to $50 from $37.

TODAY'S FREE FLY STORIES

MSBI

Midland States

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MYL

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NFLX

Netflix

$202.68

3.19 (1.60%)

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PCG

PG&E

$53.43

-4.29 (-7.43%)

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CYTR

CytRx

$0.38

-0.0142 (-3.64%)

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  • 17

    Oct

EADSY

Airbus

$22.75

-0.07 (-0.31%)

, BDRBF

Bombardier

$1.88

0.03 (1.62%)

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Hot Stocks
Airbus and Bombardier announce C Series partnership »

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EADSY

Airbus

$22.75

-0.07 (-0.31%)

BDRBF

Bombardier

$1.88

0.03 (1.62%)

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IMDZ

Immune Design

$10.10

-0.85 (-7.76%)

18:16
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PG

Procter & Gamble

$93.14

0.1 (0.11%)

18:15
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  • 20

    Oct

AMZN

Amazon.com

$1,006.34

3.4 (0.34%)

18:14
10/16/17
10/16
18:14
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18:14
Periodicals
NJ leaders offer up to $7B in tax incentives to lure Amazon to Newark, WSJ says »

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BDRBF

Bombardier

$1.88

0.03 (1.62%)

, EADSY

Airbus

$22.75

-0.07 (-0.31%)

18:09
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10/16
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18:09
Periodicals
Bombardier in talks with Airbus over CSeries jet unit JV, WSJ reports »

Bombardier (BDRBF) is in…

BDRBF

Bombardier

$1.88

0.03 (1.62%)

EADSY

Airbus

$22.75

-0.07 (-0.31%)

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IPXL

Impax

$19.95

-0.85 (-4.09%)

17:55
10/16/17
10/16
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Hot Stocks
Impax jumps 6% in after-hours after WSJ says Amneal deal near »

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  • 09

    Nov

IPXL

Impax

$19.95

-0.85 (-4.09%)

17:51
10/16/17
10/16
17:51
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17:51
Periodicals
Impax and Amneal close to merger pact, WSJ says »

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  • 09

    Nov

AGII

Argo Group

$62.90

-0.25 (-0.40%)

17:36
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Argo Group provides preliminary Q3 loss estimate »

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FDEF

First Defiance Financial

$53.65

-0.25 (-0.46%)

17:34
10/16/17
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Earnings
First Defiance Financial reports Q3 EPS 92c, consensus 89c »

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  • 17

    Oct

BRO

Brown & Brown

$48.97

-0.42 (-0.85%)

17:33
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17:33
Earnings
Brown & Brown reports Q3 EPS 53c, consensus 50c »

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  • 17

    Oct

ORIG

Ocean Rig UDW

$26.18

0.51 (1.99%)

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NFLX

Netflix

$202.68

3.19 (1.60%)

, IMDZ

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IMDZ

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SAVE

Spirit Airlines

$33.47

-0.33 (-0.98%)

UNH

UnitedHealth

$193.20

0.68 (0.35%)

BMI

Badger Meter

$50.80

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SONC

Sonic

$24.80

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ABEO

Abeona Therapeutics

$16.70

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VICL

Vical

$2.86

0.04 (1.42%)

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FDC

First Data

$18.01

0.39 (2.21%)

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First Data CAO sells 3,996 common shares »

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  • 22

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ROSG

Rosetta Genomics

$1.00

-0.0479 (-4.57%)

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HRS

Harris

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-0.66 (-0.48%)

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BA

Boeing

$259.75

-0.99 (-0.38%)

17:26
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  • 25

    Oct

PI

Impinj

$34.98

-0.71 (-1.99%)

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Impinj COO sells 7,000 common shares »

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  • 01

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ADOM

Adomani

$6.50

-0.36 (-5.25%)

17:21
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Syndicate
Breaking Syndicate news story on Adomani »

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SAVE

Spirit Airlines

$33.47

-0.33 (-0.98%)

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RESN

Resonant

$4.38

-0.08 (-1.79%)

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