Western Digital, Seagate Up On Positive Analyst Comments
Seagate has traded up almost four percent to $59.05, while Western Digital is up over three percent to $95.11.
Also in the sector, EMC (NASDAQ: EMC) has gained 1.4 percent to $26.72 per share.
When Western Digital releases fourth-quarter earnings July 30, Brean Capital reportedly expects earnings of up to $1.90 per share. Wall Street currently expects $1.71 and the company has forecast a range of $1.65 to $1.75.
For Western's fiscal first quarter, Brean predicts profits of $2.15 a share, versus the consensus calling for $2.06.
Brean maintains a Buy rating and $70 target for Seagate, as well as the same rating and a $125 target for Western Digital.
Wall Street expects Seagate to post earnings of $1.09, but Brean sees $1.16. Seagate beat estimates for the prior quarter by 6.3 percent. Seagate is expected to release earnings on July 23.
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