Western Digital (WDC) is Barclays' New Top Pick in IT Hardware (STX)
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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.
Shares of Western Digital Corp. closed at $58.01 yesterday.
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