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WDC

Western Digital

$81.77

0.57 (0.70%)

18:16
12/12/17
12/12
18:16
12/12/17
18:16

Western Digital ups Q2 revenue view to $5.3B from $5.2B-$5.3B, consensus $5.2B

Sees Q2 gross margin 43%-44%.

WDC Western Digital
$81.77

0.57 (0.70%)

11/27/17
MSCO
11/27/17
DOWNGRADE
Target $90
MSCO
Equal Weight
Morgan Stanley sees NAND peak approaching, cuts Western Digital to Equal Weight
As previously reported, Morgan Stanley analyst Katy Huberty downgraded Western Digital to Equal Weight from Overweight, as she believes the NAND industry is entering a downturn for the first time since early 2016. Huberty sees NAND supply growth outpacing demand in the first half of 2018 after undersupply for nearly two years and predicts NAND prices will fall 7%-15% quarterly beginning in the first quarter of next year. The analyst, who lowered her FY19 EPS estimate for Western Digital to reflect NAND oversupply and weaker prices, cut her price target on the stock to $90 from $117.
11/27/17
11/27/17
NO CHANGE
Target $55

Overweight
Micron should be bought on any NAND-related weakness, says Morgan Stanley
Morgan Stanley analyst Joseph Moore noted that the firm has previously been bullish on memory, without the need to differentiate between NAND and DRAM, but it is now going to be important to increasingly differentiate between DRAM, which the firm expects to remain strong, and NAND, which the firm views as facing pricing declines next year. The analyst said he would buy Micron (MU) on any weakness related to NAND, pointing out that only one third of Micron's sales are in NAND. Moore raised his EPS estimates for Micron and increased his price target on the stock to $55 from $39 while colleague Katy Huberty downgraded Western Digital (WDC) to Equal Weight from Overweight this morning, as previously reported.
11/27/17
11/27/17
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. Square (SQ) downgraded to Sell from Neutral at BTIG with analyst Mark Palmer saying he believes the stock's valuation reflects "emphatic and unimpeded growth" but fails to factor in the risks facing the company from increasing competition from First Data's (FDC) Clover, Vantiv (VNTV) and others. 2. Western Digital (WDC) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Katy Huberty saying she believes the NAND industry is entering a downturn for the first time since early 2016. 3. Norfolk Southern (NSC) downgraded to Sell from Hold at Loop Capital with analyst Rick Paterson saying the company's operating efficiency metrics "look like a bit of a disaster at present." 4. TSMC (TSM) and Himax (HIMX) were downgraded to Equal Weight from Overweight at Morgan Stanley. 5. Buffalo Wild Wings (BWLD) downgraded to Neutral from Buy at UBS with analyst Dennis Geiger saying the risk/reward is more balanced following the recent share rally. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/08/17
KEYB
12/08/17
NO CHANGE
KEYB
Western Digital settlement with Toshiba would be positive, says KeyBanc
KeyBanc analyst Weston Twigg says a settlement between Western Digital (WDC) and Toshiba (TOSBF) over Toshiba's sales of its memory assets, as reported overnight, would be a positive for Western Digital. An agreement would remove uncertainty regarding Western Digital's future access to NAND production, enabling it to participate in the growth of the NAND market beyond 2018, Twigg tells investors in a research note. He adds, however, that a deal would also "raise the awkward situation" of forcing Western Digital to partner with competitors on NAND production.

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