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Technology Stocks : WDC, NAND, NVM, enterprise storage systems, etc.

SNDK 277.45

+9.2%

10:06 AM EST

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From: Sam

8/15/2018 8:40:51 AM

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Western Digital stock falls after Cowen downgrade
MARKETWATCH 8:20 AM ET 8/15/2018

Symbol Last Price Change

WDC	64.99	0 (0%)
QUOTES AS OF 04:00:00 PM ET 08/14/2018

Shares of Western Digital Corp.(WDC) are down 2.4% in premarket trading Wednesday after Cowen & Co. analyst Karl Ackerman downgraded the stock to market perform from ourperform. "We now expect WDC's NAND ASPs [average selling prices] should remain weaker and longer in duration than the industry and what is contemplated by investors," wrote Ackerman, who lowered his price target to $70 from $100. "Moreover, we worry that WDC's efforts to scale back incremental NAND wafer adds to support pricing is not without significant risk." Shares are down 22% over the past 12 months, while the S&P 500 has gained 15% and the PHLX Semiconductor Index has risen 23%.

-Emily Bary; 415-439-6400; AskNewswires@dowjones.com

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