Needham & Company Downgrades Western Digital Corp. (WDC) to Hold; Range Of Outcomes Over 12-24 Months All Look Challenging
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Price: $60.46 +2.39%
Rating Summary:
8 Buy, 14 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
8 Buy, 14 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade WDC Now!
Needham & Company downgraded Western Digital Corp. (NYSE: WDC) from Buy to Hold.
Needham analyst says, "We are downgrading Western Digital based on concerns that either 1) the company is successful in acquiring Hitachi but is forced to pay higher interest rates, issue more stock, or otherwise make concessions that limit the benefits of the deal and that the combined company’s balance sheet is severely impaired; or 2) that the deal does not go through (which seems increasingly likely) and that WD is forced to expend considerable cash to recover its manufacturing capabilities, weakening its balance sheet (when combined with the losses), and loses access to the enterprise market and Hitachi’s advanced head technology."
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 $26.34 yesterday, with a 52 week range of $22.64-$41.87.
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Needham analyst says, "We are downgrading Western Digital based on concerns that either 1) the company is successful in acquiring Hitachi but is forced to pay higher interest rates, issue more stock, or otherwise make concessions that limit the benefits of the deal and that the combined company’s balance sheet is severely impaired; or 2) that the deal does not go through (which seems increasingly likely) and that WD is forced to expend considerable cash to recover its manufacturing capabilities, weakening its balance sheet (when combined with the losses), and loses access to the enterprise market and Hitachi’s advanced head technology."
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 $26.34 yesterday, with a 52 week range of $22.64-$41.87.
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