In a report issued on October 20, Mark Miller from Benchmark Co. assigned a Buy rating to Western Digital (WDC), with a price target of $56.00. The company’s shares closed last Monday at $40.50.
According to TipRanks.com, Miller is a top 100 analyst with an average return of 22.7% and a 66.2% success rate. Miller covers the Technology sector, focusing on stocks such as Axcelis Technologies, MKS Instruments, and Onto Innovation.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Western Digital with a $54.57 average price target, which is a 32.0% upside from current levels. In a report issued on October 18, RBC Capital also maintained a Buy rating on the stock with a $57.00 price target.
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Based on Western Digital’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $4.29 billion and net profit of $148 million. In comparison, last year the company earned revenue of $3.63 billion and had a GAAP net loss of $197 million.
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Western Digital Corp. engages in the development, manufacture, market and sale of data storage devices and solutions. It operates through the following product categories: client devices, data center devices and solutions, and client solutions. The client devices category includes mobile, desktop, gaming and digital video hard drives, solid state drives (SSDs), embedded products, and wafers. The data center devices and solutions category covers capacity and performance enterprise hard disk drives (HDDs), enterprise SSDs, data center software, and system solutions. The client solutions category offers removable products, hard drive content solutions, and flash content solutions. The company was founded by Alvin B. Phillips in 1970 and is headquartered in San Jose, CA.
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