Needham & Company Reiterates a 'Buy' on Western Digital Corp. (WDC); Setting Stage For Final Regulatory Approval for HGST

Needham & Company reiterates a 'Buy' on Western Digital Corp. (NYSE: WDC) price target raised from $41 to $50.

Analyst, Richard Kugele, said, " Though some regulatory approvals remain for WD to complete its HGST acquisition (such as China), we believe a successful outcome is now in sight. We reiterate our rating and increase our price target to $50 based on a slightly higher multiple of 6x C12E EPS of $8.27. Also, potential positive benefits to WD and the space cannot be overestimated, in our view, with STX likely to trade higher on this development."

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 $39.38 yesterday.

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