Western Digital (WDC): Results Even Higher Than Preannouncement - Needham
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Needham & Company analyst, Richard Kugele, reiterated his Strong Buy rating on shares of Western Digital Corp. (NASDAQ: WDC) and raised his price target to $69 from $67 after WDC reported September quarter results considerably above its preannouncement range.
The analyst stated "We believe WDC is executing extremely well integrating both HGST and SanDisk, while benefiting from more positive business conditions in both HDDs and SSDs. Despite intense and largely unjustified (in our view) negativity, we believe Street models will continue to need to move higher to account for their progress, driving the stock higher".
Shares of Western Digital Corp. closed at $56.52 yesterday.
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