Western Digital upgraded to Buy from Hold at Craig-Hallum Craig-Hallum upgraded Western Digital based on signs of stabilization in the PC market, substantial free cash flow generation that could be used to return cash to shareholders or make acquisitions,and HGST cost synergies and operations rationalization. Price target raised to $100 from $70.
Western Digital upgraded to Buy from Neutral at BofA/Merrill BofA/Merrill upgraded Western Digital to Buy and maintained its $117 price target. The firm believes fundamentals have bottomed and valuation is attractive at current levels. BofA/Merrill lowered estimates on further PC weakness but said pricing is holding up and the mix shift to capacity HDDs is driving ASP and margin improvement.