Western Digital Gets Price Target Cuts From Analysts Following Q1 Results

Western Digital Corporation WDC reported strong Q1 results but issued weak guidance.

Western Digital posted adjusted loss of $1.37 per share, versus market expectations of $1.57 per share. The company’s quarterly sales came in at $2.80 billion, versus estimates of $2.70 billion.

Western Digital said it sees Q4 adjusted loss of $2.20 to $1.90 per share, versus expectations for a loss of $1.22 per share. The company sees Q4 adjusted revenue of $2.4 billion to $2.6 billion, versus estimates of $2.86 billion.

Western Digital shares rose 2.4% to $35.00 in pre-market trading.

These analysts made changes to their price targets on Western Digital after the company reported quarterly results.

• Deutsche Bank cut the price target on Western Digital from $40 to $36. Deutsche Bank analyst Sidney Ho maintained a Hold rating on the stock.
• JP Morgan slashed Western Digital price target from $45 to $40. JP Morgan analyst Harlan Sur maintained a Neutral rating on the stock.
• Mizuho lowered Western Digital price target from $50 to $45. Cr Mizuho analyst Vijay Rakesh maintained the stock with a Buy rating.
• B of A Securities cut Western Digital price target from $50 to $41. B of A Securities analyst Wamsi Mohan maintained a Buy rating on the stock.
• Raymond James lowered the price target on Western Digital from $46 to $42. Raymond James analyst Srini Pajjuri maintained the stock with an Outperform.
• Rosenblatt slashed Western Digital price target from $35 to $29. Rosenblatt analyst Kevin Cassidy maintained the stock with a Neutral.

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