Needham & Company Downgrades Western Digital Corp. (WDC) to Buy; Reports F1Q Results And Discusses 'Unprecedented Disaster' In Thailand

Needham & Company downgraded Western Digital Corp. (NYSE: WDC) from Strong Buy to Buy, price target slashed from $45 to $28.

Needham analyst says, "As we have been writing for the past couple weeks, the record floods in Thailand have brought about a tragedy of massive human and economic proportions. WD itself has its Thailand facilities offline and its key slider fab. still under water. We see this disaster as at least a 3 qtr recovery, which should be aided once the HGST acquisition closes. While we are downgrading from Strong Buy, we still see the stock as a Buy due to tangible book of $23.23 and the strong likelihood that HGST closes during CQ4/CQ1 and helps pull WD back from the abyss."

For more ratings news on Western Digital Corp. click here and for the rating history of Western Digital Corp. click here.

Shares of Western Digital Corp. closed at $24.44 yesterday.

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