Deutsche Bank Maintains a 'Buy' on Western Digital (WDC); Adjusting PT and Estimates

July 16, 2012 7:23 AM EDT
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Price: $71.00 --0%

Rating Summary:
    26 Buy, 10 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 6 | Down: 3 | New: 2
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Deutsche Bank maintains a 'Buy' on Western Digital Corp. (NASDAQ: WDC) price target of $38.00 (from $51.00).

Analyst, Sherri Scribner, said, "WDC did not pre-announce earnings and is scheduled to report on July 25. We expect results to be in line with consensus, but believe guidance will be very conservative after STX’s flat TAM commentary. We believe Street estimates on WDC also remain too high and expect guidance to be below consensus. The one potential positive not reflected, in our view, is WDC’s $1.5B stock buyback, which has the potential to add $1.00-$1.40 to FY-13 EPS (our model excludes buybacks)." (FY13 EPS estimate cut fromo $7.25 to $6.85 and FY14 from $7.75 to 6.30)

For an analyst ratings summary and ratings history on Western Digital Corp. click here. For more ratings news on Western Digital Corp. click here.

Shares of Western Digital Corp. closed at $31.58 yesterday.

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