Western Digital (WDC): Positive Read Through From Toshiba Raising Guidance - Mizuho
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Mizuho Securities analyst Vijay Rakesh, reiterated his Buy rating on shares of Western Digital Corp. (NASDAQ: WDC) after Toshiba raised guidance.
Toshiba cited 1) firmer price levels than its earlier forecast, with growing demand for use in smartphones; 2) firmer pricing in HDD with better demand from PC and game console applications; and 3) a depreciating yen. This is a positive for WDC as well although the company raised guidance as well earlier in the month.
Toshiba is now expecting a modest pre-tax profit versus the prior expectation for break-even for the six month period ending September.
No change to the price target of $60.
Shares of Western Digital Corp. closed at $58.86 yesterday.
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