Western Digital (WDC) Receives a Rating Update from a Top Analyst

Mizuho Securities analyst Vijay Rakesh maintained a Buy rating on Western Digital (WDCResearch Report) today and set a price target of $180. The company’s shares closed yesterday at $51.86.

According to TipRanks.com, Rakesh is a top 100 analyst with an average return of 22.2% and a 64.0% success rate. Rakesh covers the Consumer Goods sector, focusing on stocks such as Skyworks Solutions, Texas Instruments, and Synaptics Inc.

Western Digital has an analyst consensus of Moderate Buy, with a price target consensus of $56.27, which is an 8.5% upside from current levels. In a report issued on April 9, RBC Capital also maintained a Buy rating on the stock with a $60 price target.

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Based on Western Digital’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $4.23 billion and GAAP net loss of $487 million. In comparison, last year the company earned revenue of $5.01 billion and had a net profit of $61 million.

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Western Digital Corp. engages in the manufacture, market, and sale of data storage devices and solutions. Its product portfolio includes hard disk drives, solid-state drives marketed under the HGST, WD and G-Technology brands.

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