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WDC

Western Digital

$82.67

1.29 (1.59%)

06:24
01/04/18
01/04
06:24
01/04/18
06:24

Western Digital cut to Market Perform at BMO Capital on balanced supply-demand

As reported earlier, BMO Capital analyst Tim Long downgraded Western Digital to Market Perform from Outperform and lowered his price target on the stock to $85 from $120. Long says the near-term fundamentals for the company remain healthy, but limited upside for growth in margins and revenue due to a more balanced supply-demand will keep the stock in a trading range. Long also anticipates hard disk drives to remain in decline with 7% less units sold this year in the industry, following a 6% drop last year. The analyst says his new price target is based on 6.5-times FY18 estimate valuation, in line with the recent trend of 6-to-8 times consensus.

WDC Western Digital
$82.67

1.29 (1.59%)

12/13/17
COWN
12/13/17
NO CHANGE
COWN
Outperform
JV settlement positive for both Western Digital and Seagate, says Cowen
Cowen analyst Karl Ackerman said Western Digital's (WDC) settlement agreement with Toshiba (TOSBF) is largely in line with his prior expectations and should lead to a better multiple for Western Digital shares since it removes one of investors' primary fears. The deal is also a positive for Seagate (STX), according to Ackerman, as it gives that company an opportunity to access NAND supply from Toshiba. The analyst, who maintains an Outperform rating on Western Digital, added that the company's updated guidance proves his prior view that Street estimates were "way too low."
12/18/17
LOOP
12/18/17
NO CHANGE
Target $140
LOOP
Buy
Western Digital multiple to expand to at least 8x in 2018, says Loop Capital
Loop Capital analyst Ananda Baruah keeps his Buy rating and $140 price target on Western Digital, noting that the stock price could reach as high as $210 if investors are prepared to pay 10-15-times EPS as NAND memory chip prices start to normalize in 2018. Baruah contends that the current 6-times forward earnings valuation is attractive, citing price trends of how both HDD businesses of Western Digital and SanDisk traded under similar circumstance in the past.
12/22/17
RBCM
12/22/17
NO CHANGE
Target $115
RBCM
Outperform
Western Digital risk-reward 'highly attractive,' says RBC Capital
RBC Capital analyst Amit Daryanani contends the risk-reward balance for Western Digital appears "highly attractive," as he believes pent-up demand and continued NAND cost reductions offset concerns about NAND oversupply and hard-disk drive cannibalization. The analyst, who sees room for the company to take out more costs, lower debt expenses and make increasingly attractive stock buybacks, keeps an Outperform rating on the stock.
01/04/18
BMOC
01/04/18
DOWNGRADE
BMOC
Market Perform
Western Digital downgraded to Market Perform from Outperform at BMO Capital

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RDN

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$15.36

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