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WDC

Western Digital

$53.87

1.58 (3.02%)

16:11
10/25/18
10/25
16:11
10/25/18
16:11

Western Digital reports Q1 adjusted EPS $3.04, consensus $3.04

Reports Q1 revenue $5B, consensus $5.14B. "Our fiscal first quarter results reflected strength in capacity enterprise, surveillance hard drives and embedded flash solutions, with each growing revenue over 30% from the year-ago quarter," said Steve Milligan, chief executive officer of Western Digital. "However, strength in these end markets was offset by ongoing declines in flash pricing. A more challenging global business environment and the corresponding economic impacts are contributing to a more conservative demand outlook for our products. In response to these conditions, we are taking immediate actions to align our flash output with projected demand. We remain focused on successfully navigating the current market conditions as we continue to build the Western Digital platform for long-term success and industry leadership."

  • 25

    Oct

WDC Western Digital
$53.87

1.58 (3.02%)

10/25/18
STFL
10/25/18
NO CHANGE
STFL
Hynix outlook should ease fears of extended memory downturn, says Stifel
SK Hynix in last night's Q3 earnings report saw a sequential increase in gross margin with slightly higher DRAM average selling prices quarter-over-quarter while NAND Flash selling prices s declined at roughly the same rate as in Q2, Stifel analyst Kevin Cassidy tells investors in a research note. Importantly, Hynix expects the current pricing pressure to have a short duration with customers decreasing NAND flash inventories by the end of 2018 and data center DRAM demand re-accelerating in mid-2019, says Cassidy. He believes the company's outlook and the "rational response" to the pricing environment should alleviate some market concerns about an extended downturn in the memory cycle. This benefits suppliers such as Micron Technology (MU), Smart Global Holdings (SGH) and Western Digital (WDC), Cassidy tells investors. Shares of Micron in early trading are up 49c to $35.92.
10/01/18
RBCM
10/01/18
NO CHANGE
Target $68
RBCM
Western Digital price target lowered to $68 from $70 at RBC Capital
RBC Capital analyst Amit Daryanani lowered his price target on Western Digital (WDC) to $68 and kept his Sector Perform rating. The analyst contends that the ongoing CPU shortages at Intel (INTC) that were on display "minimally" last quarter will get even more magnified in the December quarter. Daryanani adds that while Intel's intentions to invest $1B to resolve capacity issues will address the issue by the first half of 2019, the company is also exposed to the risk of hyperscale customers adjusting their inventory and reducing purchases. The analyst lowers his FY18 EPS view on Western Digital to $9.88 from $9.99 and FY19 revenue view to $19.5B from $19.7B. Daryanani also lowers his price target on Seagate (STX) to $60 from $62 with a maintained Sector Perform rating, citing the same rationale.
10/01/18
MZHO
10/01/18
DOWNGRADE
Target $65
MZHO
Neutral
Western Digital downgraded to Neutral from Buy at Mizuho
Mizuho analyst Vijay Rakesh downgraded Western Digital (WDC) to Neutral and lowered his price target for the shares to $65 from $100. After a trip to Asia, the analyst believes NAND average selling prices will continue to decline at a low-double digit rate through Q1 of 2019 and at a high-single digit rate through 2019. The current consensus estimate for flat gross margins "could see significant downside," Rakesh tells investors in a research note. The analyst this morning also downgraded Lam Research (LRCX) to Neutral and lowered his price target for Micron Technology (MU) to $60. However, he remains positive on Micron shares citing the company's "more DRAM discipline," faster stabilization and its $10B share buyback.
09/21/18
BNCH
09/21/18
NO CHANGE
Target $110
BNCH
Buy
Benchmark says NAND pricing expected to stabilize, keeps Western Digital at Buy
Benchmark analyst Mark Miller believes Western Digital shares have been pressured by NAND pricing declines, but he thinks NAND chip pricing is likely to stabilize. He also expects continued double digit growth in storage demand, leading him to maintain a Buy rating on the shares. However, Miller lowered his price target on Western Digital to $110 from $120.

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