Western Digital Corp. Upgraded to Outperform at Zacks (WDC)
Western Digital Corp. (NYSE:WDC) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a research report issued on Friday, AnalystRatings.Net reports. The firm currently has a $107.00 price objective on the stock. Zacks‘ price objective would indicate a potential upside of 20.29% from the company’s current price.
Zacks‘ analyst wrote, “We have upgraded Western Digital shares to Outperform as we are encouraged by the company’s business shift toward non-PC applications. The secular growth of digital data, modest growth in the TAM and higher demand for storage are expected to drive near-term results. Additionally, its growing exposure to the small and medium business space, synergies from acquisitions and product innovations remain growth drivers. We think that these factors more than offset the higher expenses, flat margins, stiff competition and sluggish macroeconomic environment that the company is up against. “
Other equities research analysts have also recently issued reports about the stock. Analysts at Merrill Lynch raised their price target on shares of Western Digital Corp. from $88.98 to $102.00 in a research note to investors on Thursday. They now have a “buy” rating on the stock. Separately, analysts at Bank of America Corp. upgraded shares of Western Digital Corp. from a “neutral” rating to a “buy” rating in a research note to investors on Thursday. They now have a $102.00 price target on the stock, up previously from $87.00. Finally, analysts at RBC Capital raised their price target on shares of Western Digital Corp. from $78.00 to $92.00 in a research note to investors on Wednesday. They now have an “outperform” rating on the stock. Three investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $92.12.
Western Digital Corp. (NYSE:WDC) traded down 0.14% during mid-day trading on Friday, hitting $88.825. The stock had a trading volume of 1,626,723 shares. Western Digital Corp. has a one year low of $44.25 and a one year high of $90.04. The stock has a 50-day moving average of $81.98 and a 200-day moving average of $70.87. The company has a market cap of $20.991 billion and a price-to-earnings ratio of 22.66.
Western Digital Corporation (NYSE:WDC) is a provider of solutions for the collection, storage, management, protection and use of digital content, including audio and video.
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