Western Digital Corp (WDC) is Upgraded by Cowen to Outperform, Raises Price Target to $ 50

Western Digital Corp (WDC) was Upgraded by Cowen to ” Outperform” according to the research note released today. The brokerage firm has raised the Price Target to $ 50 from a previous price target of $45 . Earlier the firm had a rating of “Market Perform ” on the company shares. Cowen advised their investors in a research report released on May 24, 2016.

Many Wall Street Analysts have commented on Western Digital Corp. Shares were Reiterated by Mizuho on May 18, 2016 to “Neutral” and Lowered the Price Target to $ 40 from a previous price target of $47 .Western Digital Corp was Downgraded by BofA/Merrill to ” Underperform” on May 13, 2016. Shares were Downgraded by Robert W. Baird on Apr 29, 2016 to ” Neutral” and Lowered the Price Target to $ 50 from a previous price target of $55 .

On the company’s financial health, Western Digital Corp reported $1.21 EPS for the quarter, missing the analyst consensus estimate by $ -0.08 based on the information available during the earnings call on Apr 28, 2016. Analyst had a consensus of $1.29. The company had revenue of $2822.00 million for the quarter, compared to analysts expectations of $2879.53 million. The company’s revenue was down -20.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.87 EPS.

Western Digital Corp opened for trading at $39.01 and hit $40.37 on the upside on Friday, eventually ending the session at $39.56, with a gain of 3.10% or 1.19 points. The heightened volatility saw the trading volume jump to 60,77,115 shares. Company has a market cap of $11,133,648 M.

Investors should note that on May 4, 2016, Western Digital Corp announced a cash dividend of $0.5000. The company’s management has announced Jun 29, 2016 as the ex-dividend date and fixed the record date on Jul 1, 2016. The payable date has been fixed on Jul 15, 2016.

In a different news, on Dec 9, 2015, Michael Charles Ray (EVP, Chief Legal Officer & Sec) sold 1,863 shares at $63.59 per share price. According to the SEC, on Nov 10, 2015, Matthew E Massengill (director) sold 1,187 shares at $67.75 per share price. On Nov 4, 2015, Stephen D Milligan (Chief Executive Officer) sold 6,239 shares at $66.33 per share price, according to the Form-4 filing with the securities and exchange commission.

Western Digital Corporation is a data storage solutions company. The Company is a developer manufacturer and provider of data storage solutions that enable consumers businesses governments and other organizations to create manage experience and preserve digital content. The Company’s Technology product includes: Hard Disk Drives and Solid-State Drives. Hard Disk Drives provide non-volatile data storage. Solid-State Drives are semiconductor and non-volatile media. The Company offers solutions including: Enterprise Storage Solutions Client Desktop and Notebook PCs Branded Product Solutions Consumer Electronics Solutions. The Company’s products are marketed under the HGST WD and G-Technology brand names.

Western Digital Corp

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