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Technology Stocks : Western Digital (WDC)
WDC 57.54+1.0%3:59 PM EST

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From: Eric L9/30/2016 10:16:28 AM
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Barclays: Western Digital Corp. the new IT Hardware Top Pick (replacing Apple)

Barclays issued a note to investors in which it has replaced Apple Inc (NYSE:AAPL) with Western Digital Corp. (NASDAQ:WDC) as the new IT Hardware Top Pick. ... Analyst noted from a market perspective that PC, server and storage dynamics are better than feared.

>> Barclays Raises PT On Western Digital Corp & Seagate Technology PLC Stock

Ken Bock
TCC | The Countrt Caller
September 30, 2016

thecountrycaller.com

Earlier on Thursday, Barclays issued a note to investors in which it has replaced Apple Inc (NYSE:AAPL) with Western Digital Corp. (NASDAQ:WDC) as the new IT Hardware Top Pick. The firm remained convinced with an Overweight rating on the stock but the raised price target from $61 to $71, reflecting an upside potential of 21.48% over the last close of $58.27. Following the firm’s positive commentary on the stock, WDC shares were trading high in Thursday's trading session.

Mark Moskowitz, Barclays’ analyst commented, “We are again raising our forecasts for what could be a series of upward revisions as a result of both market and company-specific factors over the next 6-12 months.” He noted from a market perspective that server, PC, and storage dynamics are better than expected. Earlier, the market feared these figures to be significantly down.

Based on his analysis, Mr. Moskowitz has raised estimates on Western Digital stock, as well as Seagate Technologies (STX). The firm has raised the price target on STX stock from $36 to $40, reflecting an upside potential of 5.84% over the closing price of $37.79. “From a company perspective, WD is rapidly retiring/refinancing its large debt burden and greater-than-expected margin upside could be on display at the Analyst Day on December 6," commented Mr. Moskowitz.

WDC stock has a 52-week high of $86.93 and a 52-week low of $34.99 with a 48.94 price to earnings ratio. The California based company has a market cap of $16.36 billion. STX stock has a 52-week high of $49.50 and a 52-week low of $18.42 with a 45.86 price to earnings ratio. Seagate has a market cap of $11.27 billion.

According to FactSet data, majority of the analysts rate WDC stock a Buy, 10 rate it a Hold, two rate it an Overweight stock, while one rates it a Sell. For STX stock on the other hand, 22 analysts have a Hold rating, six have a Buy rating, two have an Underweight rating, while one analyst rates it a Sell. ###

- Eric L -
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