Evercore ISI is lowering the firm’s estimates for Western Digital (WDC) for the December-end and March-end quarters to reflect a weaker flash pricing environment, especially in March period. The firm, which notes it had previously cut numbers in mid-December to reflect management commentary around a worse than expected flash pricing environment, has now “modestly” reduced its December quarter revenue estimate by about $20M and made a larger $115M cut to its March period estimate. However, the firm thinks investor focus will remain on hard disk drive strength and the upcoming split so it maintains an Outperform rating and $85 price target on Western Digital shares.
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Read More on WDC:
- Western Digital call volume above normal and directionally bullish
- Unusually active option classes on open January 6th
- Western Digital price target lowered to $82 from $90 at Mizuho
- Early notable gainers among liquid option names on January 2nd
- Citi sees ‘continued decoupling’ in memory pricing, calls SK top buy
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
