Cowen & Co. Believes Western Digital (NASDAQ: WDC) Won’t Stop Here

By Austin Angelo

In a report released today, Timothy Arcuri from Cowen & Co. reiterated a Buy rating on Western Digital (NASDAQ: WDC), with a price target of $117. The company’s shares closed yesterday at $92.66, close to its 52-week high of $95.

According to TipRanks.com, Arcuri is a top 100 analyst with an average return of 20.6% and a 64.9% success rate. Arcuri covers the Consumer Goods sector, focusing on stocks such as ChipMOS Technologies, Ultra Clean Holdings, and Skyworks Solutions.

Currently, the analyst consensus on Western Digital is Strong Buy and the average price target is $119.28, representing a 28.7% upside.

In a report issued on June 13, Aegis Capital also initiated coverage with a Buy rating on the stock with a $130 price target.

Based on Western Digital’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $4.65 billion and quarterly net profit of $248 million. In comparison, last year the company earned revenue of $2.82 billion and had a net profit of $74 million.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.