Western Digital, Seagate Down Despite Analyst Target Hikes

Proving that analysts' actions don't always move the market, both Seagate Technology PLC

and Western Digital Corp.

were off Wednesday after Long Bow raised its target on each. Longbow's Joe Wittine is among at least three analysts this week who have raised targets on Western Digital. Wittine boosted his target to $110 from $100; RBC Capital on Tuesday raised its target to $100 from $98 while a day earlier Needham boosted its target to $110, from $100. Growing demand by the personal computer market for hard disc drives will benefit both Western Digital and Seagate, Wittine said. Wittine nudged his Seagate target to $67 from $61, maintaining a buy on each of the companies. Seagate closed down 0.36 percent to $58.48 while Western closed at $94.30, of 0.6 percent.