Western Digital (WDC) is Barclays' New Top Pick in IT Hardware (STX)
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Western Digital Corp. (NASDAQ: WDC) is modestly higher Thursday after Barclays named the stock its new IT Hardware Top Pick, replacing Apple. The firm also raised its price target on WDC to $71.00 (from $61.00) and reiterated an Overweight rating.
"We are again raising our forecasts for what could be a series of upward revisions as a result of both market and company-specific factors over the next 6-12 months, analyst Mark Moskowitz said. "From a market perspective, PC, server and storage dynamics are better than feared. As a result, we are raising estimates for WD as well as Seagate. From a company perspective, WD is rapidly retiring/refinancing its large debt burden and greater-than-expected margin upside could be on display at the Analyst Day on December 6."
The firm also raised its price target on Seagate (NYSE: STX) to $40 from $36.
Shares of Western Digital Corp. closed at $58.01 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Cowen Downgrades Under Armour, Inc. (UA) to Market Perform
- Stifel Positive on Vertex (VRTX) as Triple Combo Moves Forward; PT Trimmed to $108
- New Oriental Education (EDU) PT Raised to $60 at Brean Capital
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!