HDD Stocks See Upside After Seagate's (STX) Strong Outlook
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The hard disk drive sector is outperforming the market today.
Shares of Western Digital Corp. (NYSE: WDC) are trading up 4.8 percent on the day after Seagate (NYSE: STX) reported second quarter sales were above expectations and increased its shipment expectations for the third quarter. Click here to see the company’s second quarter results and third quarter outlook. Needham & Company reaffirmed their Strong Buy rating on the stock today claiming that investors still are not properly valuing the company.
Following STX's strong quarterly figures and expectations, Wedbush Upgraded shares of LSI Corp. (NYSE: LSI) from its previous Neutral rating to Outperform and raised its price target on the stock from $7 to $8.50.
Other stocks who are experiencing a boost today include OCZ Technology Group (NYSE: OCZ), who is up 6.8 percent, and STEC Inc. (Nasdaq: STEC), who is up 3.3 percent.
Many companies slashed their estimates and expectations after most of Thailand was affected by extreme flooding. Analysts and managers did not exactly know the overall impact of the flood on the HDD market, but a majority of them figured in worst case scenarios.
Shares of Western Digital Corp. (NYSE: WDC) are trading up 4.8 percent on the day after Seagate (NYSE: STX) reported second quarter sales were above expectations and increased its shipment expectations for the third quarter. Click here to see the company’s second quarter results and third quarter outlook. Needham & Company reaffirmed their Strong Buy rating on the stock today claiming that investors still are not properly valuing the company.
Following STX's strong quarterly figures and expectations, Wedbush Upgraded shares of LSI Corp. (NYSE: LSI) from its previous Neutral rating to Outperform and raised its price target on the stock from $7 to $8.50.
Other stocks who are experiencing a boost today include OCZ Technology Group (NYSE: OCZ), who is up 6.8 percent, and STEC Inc. (Nasdaq: STEC), who is up 3.3 percent.
Many companies slashed their estimates and expectations after most of Thailand was affected by extreme flooding. Analysts and managers did not exactly know the overall impact of the flood on the HDD market, but a majority of them figured in worst case scenarios.
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