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UPDATE: Bank of America Merrill Lynch Upgrades Western Digital


In a report published Thursday, Bank of America Merrill Lynch analyst Scott Craig upgraded Western Digital (NASDAQ: WDC) to Buy from Neutral, raising its price target to $102.00 from $87.00

According to the report, the upgrade follows rising EPS estimates and higher normalized EPS, when coupled with a favorable capital allocation story, should continue to drive valuation to new highs.

“While PC demand remains challenged, declines are moderating and December quarter industry TAM should surprise at low 140mn's versus prior guidance of 139mn,” the report noted. “Commentary from hardware OEMs/distributors such as HP, Synnex etc. has pointed to a modestly improved IT demand environment. This should benefit the HDD OEMs given 70%+ of HDDs are for PCs, which should drive revenue, margin, and EPS upside.”

WDC closed Wednesday at $88.98 with shares trading up at 1.24 percent.

Latest Ratings for WDC

Sep 2019MaintainsBuy
Sep 2019MaintainsSell
Sep 2019MaintainsBuy

View More Analyst Ratings for WDC
View the Latest Analyst Ratings

Posted-In: Bank of America Merrill Lynch Scott CraigAnalyst Color Upgrades Analyst Ratings


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