Western Digital Gets a Buy Rating from Mizuho Securities

By Ryan Adsit

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 $85.12.

Rakesh noted:

“We believe given its interests in the JV, WDC wants to protect the NAND IP.”

According to TipRanks.com, Rakesh is a top 100 analyst with an average return of 28.7% and a 71.2% success rate. Rakesh covers the Consumer Goods 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 $118.59, representing a 39.3% upside.

In a report issued on July 19, Summit Redstone Partners also initiated coverage with a Buy rating on the stock.

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 $3.5 billion and had a GAAP net loss of $351 million.

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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.