Western Digital (WDC) is Barclays' New Top Pick in IT Hardware (STX)

September 29, 2016 12:21 PM EDT
Get Alerts WDC Hot Sheet
Price: $56.52 +5.39%

Rating Summary:
    25 Buy, 9 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 17 | Down: 27 | New: 7
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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.

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 $58.01 yesterday.

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