Western Digital (WDC) PT Raised to $72 at Mizuho Securities

Mizuho Securities analyst Vijay Rakesh reiterated a Buy rating and raised his price target on Western Digital Corp. (NASDAQ: WDC) to $72.00 (from $66.00) following yesterday's upbeat analyst day and raised guidance.

Rakesh commented, "WDC held its first Investor Day in four years today at its Milpitas facility. WDC noted: 1) 2017 could see a NAND shortage with technology transitions (and we agree); 2) 64-L TLC 3D-NAND is shipping in client devices; 3) WDC is stopping product development in 10K/15K mission critical (MC) HDD as it focuses on SSD, with new Fab6 in Japan in 2018. WDC also raised guidance; especially the 2017 OM expectations (we believe on cost synergies). Reiterating our Buy rating and raising estimates; our PT goes to $72. NAND commentary should be a tailwind for MU also."

The firm is adjusting DecQ from $4.7B/$1.86 to $4.8B/$2.11, F17E from $17.9B/$6.41 to $18.0B/$6.78, and F18E from $17.9B/$7.09 to $17.9B/$7.34 with better revenue and opex control.

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 $63.85 yesterday.

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