Craig Hallum Lowers Western Digital to Hold (WDC)
Western Digital (NYSE: WDC) was downgraded by research analysts at Craig Hallum from a “buy” rating to a “hold” rating in a report released on Friday. They currently have a $37.00 target price on the stock.
Western Digital traded up 2.41% on Friday, hitting $38.845. Western Digital has a 1-year low of $22.64 and a 1-year high of $44.44. The company has a market cap of $9.126 billion and a price-to-earnings ratio of 13.03.
The company last announced its quarterly results on Thursday, April 26th. It reported $2.52 earnings per share (EPS) for the previous quarter, beating the Thomson Reuters consensus estimate of $1.55 EPS by $0.97. The company’s quarterly revenue was up 34.8% on a year-over-year basis. Analysts expect that Western Digital will post $2.66 EPS next quarter.
A number of other firms have also recently commented on WDC. Analysts at Needham & Company cut their price target on shares of Western Digital from $66.00 to $61.00 in a research note to investors on Friday. They now have a “strong-buy” rating on the stock. Separately, analysts at FBN Securities cut their price target on shares of Western Digital to $50.00 in a research note to investors on Thursday, April 5th. They now have an “outperform” rating on the stock. Finally, analysts at Morgan Stanley (NYSE: MS) raised their EPS on shares of Western Digital in a research note to investors on Friday, March 23rd. They now have an “equal weight” rating on the stock.
Western Digital Corporation (WD) is a provider of solutions for the collection, storage, management, protection and use of digital content, including audio and video.