Western Digital Shares Jump Despite Revenue Miss, Ready To Spin Off NAND Business: Q4 Guidance ‘Much Better Than Feared,’ Analyst Says
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Shares of Western Digital Corp (NASDAQ:WDC) were spiking in early trading on Friday, after the company reported upbeat fiscal first-quarter earnings.
The company reported its results amid an exciting earnings season. Here are some key analyst takeaways.
- Cantor Fitzgerald analyst C.J. Muse maintained an Overweight rating, while lifting the price target from $80 to $95.
- Benchmark analyst Mark Miller reiterated a Buy rating and price target of $92.
- RBC Capital Markets analyst Matt Bryson reaffirmed an Outperform rating and price target of $95.
Check out other analyst stock ratings.
Cantor Fitzgerald: Western Digital reported revenues of $4.10 billion, up 49% year-on-year, but missing consensus of $4.12 billion, Muse said in a note. Earnings came in at $1.78 per share, surpassing Street expectations of $1.71 per share, he added.
Management’s guidance for the fourth quarter was “much better than feared,” the analyst stated. “While the Gross Margin uplift story is taking …
Full story available on Benzinga.com
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