Mizuho Securities Believes Western Digital (NASDAQ: WDC) Won’t Stop Here

By Austin Angelo

Mizuho Securities analyst Vijay Rakesh reiterated a Buy rating on Western Digital (NASDAQ: WDC) yesterday and set a price target of $105. The company’s shares opened today at $89.42, close to its 52-week high of $92.50.

Rakesh said:

“We believe June-July will be key months for WDC investors. On Friday, WDC noted only 5% of assets (Link – WDC) have been moved back to the parent Toshiba and it is still in violation of the Flash J.V.”

According to TipRanks.com, Rakesh is a top 100 analyst with an average return of 30.1% and a 74.6% success rate. Rakesh covers the Technology sector, focusing on stocks such as Advanced Micro Devices, NXP Semiconductors, and Skyworks Solutions.

Currently, the analyst consensus on Western Digital is Strong Buy and the average price target is $118.31, representing a 32.3% upside.

In a report issued on May 22, Cowen & Co. also reiterated a Buy rating on the stock with a $115 price target.

The company has a one year high of $92.50 and a one year low of $41.64. Currently, Western Digital has an average volume of 4.13M.

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Western Digital Corp. develops, manufactures and provides data storage devices and solutions, which address the evolving needs of the information technology industry and the infrastructure that enables the proliferation of data in virtually every industry. The company product portfolio includes hard disk drives, solid-state drives marketed under the HGST, WD and G-Technology brands. It also offers mobile drives for the notebook, PC, gaming markets, serial attached small computer system interface drives, peripheral component interconnect express SSDs, home video recorders, home network storage devices, portable, desktop and personal cloud storage. The company was founded by Alvin B. Phillips in 1970 and is headquartered in Irvine, CA.