Barclays Downgrades Western Digital Corp. (WDC) to Equalweight; Cutting Estimates; Range-Bound Summer

Barclays downgraded Western Digital Corp. (NYSE: WDC) from Overweight to Equalweight. PT lowered from $49 to $37.

Analyst, Ben A. Reitzes, said, "Downgrade to EW given several factors that could keep shares range-bound over the near term. This call is not really about the current quarter, but certain developments could impact guidance around September and December."

Specific factors include (Neutral to Negative) news on PC flow, increased inventories and secular concerns. FY13 EPS estimate cut from $9.80 to $9.03, FY14 from $8.20 to $7.00. FY13 revenues cut from $17 bln to $16.12 bln and FY14 from $16.5 bln to $15.65 bln.

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 $34.21 yesterday.

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