Western Digital Corp. (WDC) PT Raised to $77 at Goldman Sachs

Goldman Sachs raised its price target on Western Digital Corp. (NASDAQ: WDC) to $77.00 (from $68.00) while maintaining a Neutral rating.

Analyst Mark Delaney comments "This margin upside, along with 2017 NAND bit growth guidance from Hynix and Samsung issued this week that was lower than we expected, implies that NAND S/D could remain tighter than we had anticipated in 2017 and we therefore raise our estimates and our 12-month price target. We believe key factors for the sustainability of the cycle will be handset sell through during Chinese New Year, and if NAND supply will eventually exceed now reduced market expectations as a result of record NAND capex levels (for both 2016 and 2017E), and given that Samsung has outperformed its initial bit growth guidance in recent years (and at times very significantly such as in 2014)."

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