Western Digital (WDC) PT Raised to $77 at Needham & Company

Needham & Company analyst Richard Kugele reiterated a Strong Buy and raised his price target on Western Digital Corp. (NASDAQ: WDC) to $77.00 (from $69.00) following raised guidance at the 2016 analyst day.

Kugele commented, "Yesterday’s analyst day was WDC's first real chance to show Wall Street that the operational and financial excellence that the company has displayed for years in the HDD world is equally applicable in the NAND space. In our view, WDC accomplished this goal with an impressive display of thoughtful analysis of the key drivers, risks and opportunities for the business going forward. We are increasingly confident that WDC has the right vision for the company and realistic plans to execute on that vision. We reiterate our Strong Buy and increase our PT to $77 from $69 based on 11x NTM EPS of $6.96."

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 $63.85 yesterday.

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