Western Digital Corp. (WDC) PT Raised to $120 at Stifel; Reiterates Buy

Stifel raised its price target on Western Digital Corp. (NASDAQ: WDC) to $120.00 (from $105.00) while maintaining a Buy rating. WDC reported strong F3Q17 results and an even stronger forward outlook. WD expects 4Q revenue at approximately $4.8 billion, solidly above Stifel's prior $4.638B estimate and the street's $4.598B.

Analyst Aaron Rakers continues to think WD’s broad-based portfolio positioning to play into all aspects of digital content growth, coupled with continued HGST & SanDisk integration synergies and de-leverage should drive a valuation re-rate.

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