Top Rating Reiterated on Western Digital (WDC) at Needham & Company

Needham & Company analyst reiterated a Strong Buy rating and $124 price target on Western Digital Corp. (NASDAQ: WDC), suggesting 28% potential upside.

Analyst Richard Kugele commented, "Thus far in 2015 the HDD sector has suffered profit-taking, macro concerns on IT spending and PCs, and even seasonal market-timing. The noise level has been high, but our checks suggest the market anxiety in the stocks in noticeably absent among the actual companies. Clearly, the lower PC demand (cited early by STX and WDC) has weighed on the quarter modestly more than anticipated, as has currency (impacted consumer demand). But stronger cloud/enterprise has offset this weakness, driving essentially in-line EPS. We reiterate our Strong Buy on Western Digital and $124 target based on 15x C15E EPS of $8.26."

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 $97.19 yesterday.

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