Mizuho Securities Raises Price Target as Western Digital (WDC) Releases SepQ Pre-Announcement
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Mizuho Securities reiterated a Buy rating on Western Digital Corp. (NASDAQ: WDC), and raised the price target to $60.00 (from $54.00), following the company's September quarter pre-announcement. WDC raised its revenue and EPS expectations from $4.45B and $0.88 to $4.5B and $1.03, respectively.
Analyst Vijay Rakesh commented, "WDC raised its SepQ rev/EPS/GM to $4.5B/$1.03/33% from $4.45B/$0.88/32%, citing improved financing and stronger HDD trends (as we have noted with better PC strength and NAND trends). We believe PC commentary from peers and stronger data center orders point to a stronger 2H16. As we have noted, NAND pricing remains healthy with industry challenges from 3D-NAND. Not much commentary on Samsung licensing. Maintaining our Buy; adjusting our estimates, and our PT goes to $60."
Shares of Western Digital Corp. closed at $47.55 yesterday.
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