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Longbow Research downgraded Seagate Technology. (NASDAQ: STX) and Western Digital Corporation (NASDAQ: WDC) on Monday, from Buy to Neutral ratings. Although specialist Joe Wittine doesn’t think that investors should get rid of these stocks, he does not see as much upside potential in them as he did 18 months ago. “After the 20-30% share appreciation since mid-October and total 18 month returns of 85%+ for WDC and 61% for STX, we no longer see the required 20% upside in order to maintain our BUY ratings for putting new money to work,” Wittine explained.
But, how to other analysts feel about these and other data storage companies? Are there better options in the industry?
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Seagate Technology. (NASDAQ: STX)
Longbow’s downgrade was accompanied by a $67 price target, although the stock currently trades around $68.36. Unlike Wittine, Ananda Baruah of Brean Capital reiterated a Buy rating on Seagate, boosting the price target from $70 to $83 on the back of positive December-quarter projections.
Last week, Citigroup reiterated its Buy recommendation for the company, upping its price target from $70 to $74.
Western Digital Corporation (NASDAQ: WDC)
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Similar to Seagate’s case, while Longbow set a price target of $110, below the current stock price of $113.91, Brean Capital raised its target from $125 to $150, and Citigroup, from $110 to $125, maintaining a Buy rating. Jefferies analysts also seem to like the stock, and issued, on December 10, a buy recommendation, escorted by a $129 price target.
EMC Corporation (NYSE: EMC)
EMC is not looking as good as Western Digital or Seagate. On December 10, JP Morgan initiated coverage with a Neutral rating and target price of $31. The stock currently trades around $30.34, so upside potential is quite limited.
On mid-November Maxim Group also assumed coverage with a hold rating and a $30 price target. The stock traded above $29 at the time, already.
SanDisk Corporation (NASDAQ: SNDK)
Finally, there’s SanDisk, a pretty attractive stock. Since the start of November, the company received four Buy ratings (from Goldman Sachs, BTIG Research, Summit Research Partners and Stifel Nicolaus), with price targets ranging from $106 (Goldman, Nov. 13) to $123 (BTIG, Nov. 18). Amongst other reasons, analyst cited “weak Yen helping with GM more than any other factor” (Srini Sundararajan, Summit Research), a strong market position, and data growth.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.