Western Digital Corp. (WDC) Releases Q3 Earnings Guidance
Western Digital Corp. (NYSE:WDC) updated its third quarter earnings guidance on Wednesday. The company provided EPS guidance of $1.80-1.90 for the period, compared to the Thomson Reuters consensus EPS estimate of $1.94, American Banking & Market News reports. The company issued revenue guidance of $3.65-3.75 billion, compared to the consensus revenue estimate of $3.72 billion.
Several analysts have recently commented on the stock. Analysts at BMO Capital Markets upgraded shares of Western Digital Corp. from a market perform rating to an outperform rating in a research note to investors on Tuesday. They now have a $106.00 price target on the stock, up previously from $75.00. On a related note, analysts at Zacks upgraded shares of Western Digital Corp. from a neutral rating to an outperform rating in a research note to investors on Friday, January 17th. They now have a $107.00 price target on the stock. Finally, 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, January 16th. They now have a buy rating on the stock. Three equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of Buy and an average target price of $93.76.
Shares of Western Digital Corp. (NYSE:WDC) traded down 0.88% during mid-day trading on Wednesday, hitting $88.08. 2,558,625 shares of the company’s stock traded hands. Western Digital Corp. has a 52-week low of $44.44 and a 52-week high of $90.44. The stock’s 50-day moving average is $82.80 and its 200-day moving average is $71.35. The company has a market cap of $20.815 billion and a P/E ratio of 22.63.
Western Digital Corp. (NYSE:WDC) last released its earnings data on Wednesday, January 22nd. The company reported $2.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.07 by $0.12. The company had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $3.84 billion. During the same quarter in the previous year, the company posted $2.09 earnings per share. The company’s revenue for the quarter was up 3.9% on a year-over-year basis. Analysts expect that Western Digital Corp. will post $8.11 EPS for the current fiscal year.
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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