Citigroup Maintains Buy on Western Digital After 10-Q Filing

Citigroup has published a research report on Western Digital WDC and after management defends the stock following the company's 10-Q filing this morning. In the report, Citigroup writes, "In the March quarter 10-Q filing released this morning, WDC revealed that they had repurchased 7.8M shares for $305M between March 30 and May 8, 2012. Given that the company was in quiet period until April 26, we assume that all of this share repo occurred between April 27 and May 8. This suggests an aggressive buyback of ~1M shares per day or 12% of total trading volume during that period." Citigroup maintains its Buy rating and $53 price target on Western Digital, which is trading up $0.44 from yesterday's $39.14 closing price.