Wednesday, May 25, 2016 12:33:43 PM
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Western Digital rallies on second upgrade in two days; Seagate also up
May 25 2016, 10:54 ET | About: Western Dig... (WDC) |
By: Eric Jhonsa, SA Eye on Tech, SA News Editor
Barclays' Mark Moskowitz has upgraded Western Digital (WDC +5.8%) to Overweight, and upped his target by $3 to $60. He argues the valuation is too low, that hard drives still have a future, and that multiples can grow as Western brings 3D NAND products to market (via just-acquired SanDisk) and lowers its debt load.The call comes a day after Cowen's Karl Ackerman upgraded to Outperform, while asserting the guidance Western is due to provide on Thursday "should help eliminate uncertainty" related to the SanDisk acquisition. He also cited low expectations, and declared SanDisk will help Western better serve enterprise and hyperscale (cloud data center) clients.Seagate (STX +3.4%) is following Western higher. Both companies were hammered in late April in response to weak earnings and guidance. Western is up 13% on the week.
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