Needham & Company Sees No Negative Read Through from Western Digital's (WDC) CFO Departure

September 26, 2013 8:46 AM EDT
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Price: $73.22 +2.23%

Rating Summary:
    26 Buy, 10 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 20 | New: 54
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Needham & Company reiterated a Strong Buy rating and $77 price target on Western Digital Corp. (NASDAQ: WDC), saying they see no negative read from the CFO departure.

Analyst Richard Kugele weighs in: "For nearly 18 years Wolfgang Nickl has been an integral part of WD's finance and operations teams. That level of loyalty and effectiveness should stand as exhibit A as to why this shift in jobs from WD to CFO of ASML should not be interpreted, in our view, as a negative indication of WD’s financial prospects. We thank Wolfgang for his honesty, willingness to reach out to investors, and effective management of WD through rapid growth, tragedy and transformative M&A. Should the stock be under pressure due to a knee jerk reaction to this news, we would be buyers.

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 $65.43 yesterday.

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