Western Digital price target raised to $116 from $100 at Citigroup Citigroup raised its price target for Western Digital shares to $116 following the company's Q2 results saying the Q3 guide-down is not a concern since it is mostly the result of a temporary opex hit given the extra week in the September quarter. Citi sees a favorable set-up for Western Digital in the second half of the year and says it would be a buyer of the stock.
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.