Jefferies Remains Sidelined on Western Digital (WDC) Following 4Q Pre-Announcement

Jefferies reiterated a Hold rating and $90.00 price target on Western Digital Corp. (NASDAQ: WDC) following a positive 4Q pre-announcement. WDC pre-announced Q4 (Jun) results with ~$4.8B in revenue (Street = $4.81B), 41% gross margin (vs. 40% prior), and EPS of $2.85 (Street = $2.65).

WDC reiterated its goal of $12 in CY17 EPS (St = $10.51), which implies ~56% of earnings and $3.385/quarter in H2. Analyst James Kisner suspects investors were expecting an even stronger Q4 and upside to the $12 forecast.

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 $92.66 yesterday.

You May Also Be Interested In

• Gap taps Coach architect Reed Krakoff for $29.95-$498 handbag line
• salesforce.com (CRM) PT Raised to $300 at TD Cowen
• Protagonist Therapeutics (PTGX) PT Raised to $190 at BMO Capital