Western Digital (WDC) Received its Third Buy in a Row

By Carrie Williams

After Stifel Nicolaus and Deutsche Bank gave Western Digital (NASDAQ: WDC) a Buy rating last month, the company received another Buy, this time from Maxim Group. Analyst Nehal Chokshi reiterated a Buy rating on Western Digital yesterday and set a price target of $126. The company’s shares closed yesterday at $47.55.

Chokshi said:

“WDC expects 6EB less than usual of NAND flash capacity due to power outage, which we estimate will impact F1Q20 (Sept) by ~$0.6B….”

According to TipRanks.com, Chokshi is a 4-star analyst with an average return of 7.4% and a 52.8% success rate. Chokshi covers the Consumer Goods sector, focusing on stocks such as Hewlett Packard Enterprise, Super Micro Computer, and Palo Alto Networks.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Western Digital with a $55.03 average price target, a 15.7% upside from current levels. In a report issued on June 26, Craig-Hallum also upgraded the stock to Buy with a $54 price target.

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Based on Western Digital’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $3.67 billion and GAAP net loss of $581 million. In comparison, last year the company earned revenue of $5.01 billion and had a net profit of $61 million.

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Western Digital Corp. engages in the manufacture, market, and sale of data storage devices and solutions. Its product portfolio includes hard disk drives, solid-state drives marketed under the HGST, WD and G-Technology brands.