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Fly News Breaks for April 13, 2016
SNDK, WDC, STX
Apr 13, 2016 | 06:39 EDT
Deutsche Bank analyst Sherri Scribner raised her price target for Western Digital (WDC) to $74 and keeps a Buy rating on the name. The hard disk drive industry is transitioning from a unit-driven industry to a capacity-driven market, which brings near-term challenges but will drive long-term benefits, Scribner tells investors in a research note. The analyst believes Western Digital is well positioned for near-term upside given its planned acquisition of SanDisk (SNDK). Scribner sees near-term sales declines for Seagate (STX) and downgraded the stock this morning to Hold from Buy.