Western Digital, Seagate, Up On Positive Analyst Comments

Disk drive makers Western Digital Corp. WDC and Seagate Technology PLC STX each got a boost Tuesday from positive analyst comments. Seagate traded up 3.6 percent to $58.85, while Western Digital rose about 3 percent to $95.03. Also in the sector, EMC Corp. EMC gained 1.5 percent to $26.74 a share. When Western Digital releases fourth-quarter earnings July 30, Brean Capital reportedly expects earnings of up to $1.90 a 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 and the same rating and a $125 target for Western Digital. Wall Street expects Seagate to post earnings July 23 of $1.09, but Brean sees $1.16. Seagate beat estimates for the prior quarter by 6.3 percent. Seagate makes hard disk drives and has a 40 percent share of its key markets. Its direct competitor Western Digital has about a 45 percent share, according to published reports.