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Technology Stocks : Western Digital (WDC)
WDC 33.82-2.8%May 31 4:00 PM EDT

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From: Carey Thompson2/23/2007 6:45:04 PM
   of 11057
Citigroup Stores Positive Impressions of Hard Disk Drive Makers, Posts Upgrades

Friday February 23, 2007 7:39 am ET

NEW YORK (AP) -- A Citigroup analyst on Friday lifted ratings on two hard disk drive makers, citing improving fundamentals for the industry.
Analyst Paul Mansky in a client note said inventory levels and pricing for hard disk drives are improving.

He lifted ratings on computer memory and data storage maker Western Digital Corp. and on Xyratex Ltd., a British maker of computer storage systems, to "Buy" from "Hold."

In addition, Microsoft Corp.'s launch of its new Vista operating system could boost demand for PCs and data storage devices, noted Mansky.

The analyst raised his target price on Western Digital to $24.50 from $21, saying the company appears to be working down high inventory that concerned investors in the past..

WDC closes up .86 to $20.15 on the news

Mansky raised his target price on Xyratex to $27 from $21, saying visibility and fundamentals have begun to improve from recent weakness.

He kept a "Buy" rating on San Jose, Calif.-based Komag Inc. -- with a $40 target price -- and a "Hold" rating on Scotts Valley, Calif.-based Seagate Technology. He said the company's operating margin improvements are reflected in share price.

Mansky lifted his target price on Seagate to $32 from $24.50.
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