UPDATE: Barclays Upgrades Western Digital to Overweight, Raises Target to $98

In a report issued Wednesday, Barclays upgraded Western Digital Corp. (NYSE: WDC) from Equalweight to an Overweight ranking and increased the price target from $95 to $98.Barclays analyst Ben Reitzes stated, “we believe that the stock can outperform the market from its current levels.” Citing an increased cash return and MOFCOM granting approval for the company to integrate its two subsidiaries, Reitzes believes these two events could result in at least $1-$1.50 in incremental EPS for Western Digital.Reitzes stated the new price target is based on an 11x raised FY15 EPS of $8.65, and sees Western Digital benefiting "from a slower decline in revenue, increased buybacks and cost synergies” in 2015.Shares of Western Digital are trading up about 3.5 percent to $85.46 at last check.