Western Digital Corp. (WDC) PT Raised to $90 at RBC Capital

RBC Capital raised its price target on Western Digital Corp. (NASDAQ: WDC) to $90.00 (from $80.00) while maintaining a Outperform rating.

Analyst Amit Daryanani comments "WDC reported impressive upside to Dec-qtr revenue/EPS and provided a path towards higher EPS over the next several quarters. Fundamentally, we see margins, EPS and FCF all inflecting higher driven by a confluence of favorable HDD trends (better pricing, nearline He share, and stable PCs) and positive NAND trends (higher pricing, limited supply and JPY benefit). Furthermore, we see cost integration benefits from HGST & SNDK coupled with sustained deleverage further bolstering EPS growth. We think the March-qtr guide ($4.55B/$2.00-2.10) is appropriately conservative and should the current demand metrics hold up we see potential for further upside."

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