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WDC

Western Digital

$40.01

2.41 (6.41%)

15:04
01/24/19
01/24
15:04
01/24/19
15:04

Western Digital options imply 13.3% move in share price post-earnings, above median historical move

Pre-earnings options volume in Western Digital is 3.0x normal with puts leading calls 6:5. Implied volatility suggests the market is anticipating a move near 13.3%, or $5.29, after results are released. Median move over the past eight quarters is 5.7%.

  • 24

    Jan

WDC Western Digital
$40.01

2.41 (6.41%)

01/18/19
STFL
01/18/19
NO CHANGE
STFL
Western Digital, Seagate targets lowered at Stifel on negative storage data
Stifel analyst Kevin Cassidy lowered his estimates for Seagate (STX) and Western Digital (WDC) ahead of the companies' earnings reports, citing multiple negative storage industry data points that he contends "clearly point" to lower than expected revenue in the HDD and SSD markets. He lowered his Seagate price target to $43 from $47 and cut his Western Digital price target to $60 from $75. Cassidy keeps a Hold rating on Seagate shares and a Buy rating on Western Digital.
01/18/19
RBCM
01/18/19
NO CHANGE
Target $40
RBCM
Sector Perform
Western Digital price target lowered to $40 from $48 at RBC Capital
RBC Capital analyst Amit Daryanani lowered his price target on Western Digital to $40 and kept his Sector Perform rating, stating that while the "story" of the "demise" has been exaggerated, he expects the company's March quarter to reflect continued headwinds in NAND memory and hard disk drives. On NAND, the analyst expects pricing to be down mid-teens and bit growth flat to down low-single digits sequentially in the March quarter, leading to deeper margin contraction, while the hard disk drive business is expected to see further slowdown in hyperscale. Daryanani believes that it will take "another round of sizable capex reductions in memory" as companies "burn out excess inventory" before a bottom can be reached exiting 2019.
01/17/19
WELS
01/17/19
NO CHANGE
Target $65
WELS
Outperform
Western Digital price target lowered to $65 from $75 at Wells Fargo
Wells Fargo analyst Aaron Rakers lowered his price target for Western Digital to $65 from $75 as fundamental trends remain weak - NAND Flash price declines and indications of a continued build-up of industry inventory plus a multi-quarter slowdown/digestion phase for cloud-driven near-line HDD demand. That said, the analyst thinks the company's Q3/Q4 quarters will set a fundamental bottom and thus believes investors will start to consider an improving set-up into the first half of 2020. While Rakers thinks shares of Western Digital could back to the low-$30 range over the near-term, he remains positive on the long-term risk/reward, and reiterates an Outperform rating on the shares.
01/15/19
BNCH
01/15/19
NO CHANGE
BNCH
Hold
Western Digital dividend cut unlikely, says Benchmark
Benchmark analyst Mark Miller said Western Digital investors have been reacting to a research report expressing concern that the company might cut its dividend, but he believes it should generate enough cash to cover its 2019 dividend even if current consensus earnings expectations are too high. Miller, who cites operational cutbacks, reduced share repurchases, cap-ex reductions and cash on hand to support his view of the viability of the dividend, keeps a Hold rating on Western Digital shares.

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