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Technology Stocks : Semi Equipment Analysis
SOXX 316.33+1.3%Dec 10 4:00 PM EST
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To: Sam who wrote (81737)11/20/2018 11:07:26 AM
From: Donald Wennerstrom2 Recommendations

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Western Digital Stock Falls After Susquehanna Downgrade -- MarketWatch
8:50 AM ET 11/20/18 | MarketWatch

Shares of Western Digital Corp. (WDC) are down 5% in premarket trading Tuesday after Susquehanna analyst Mehdi Hosseini downgraded the stock to neutral from positive. He also lowered his price target to $44 from $120, writing that he's "lost confidence in Western Digital's ability to benefit from [solid-state-drive] substitution of [hard-disk drives]."

Hosseini is also skeptical of the company's "ability to manage the downturn" into the next calendar year amid downbeat predictions for the NAND pricing trajectory. "Western Digital is not as 'protected' as other NAND vendors that have more stable high-margin DRAM streams," he wrote. "Said another way, Western Digital competitors Micron, Hynix and Samsung all have higher margin DRAM businesses (currently 60%+ gross margin) which can to some extent offer a cushion for more aggressive NAND gross-margin declines, and help minimize the decline in blended gross margins."

Also on Tuesday, Baird analyst Tristan Gerra cut his rating (http://www.marketwatch.com/story/micron-stock-sinks-on-baird-downgrade-2018-11-20) on Micron Technology Inc. (MU) shares to underperform from outperform. Micron's stock is off nearly 7% in premarket trading Tuesday.

Western Digital shares have lost half their value over the past 12 months, as of Monday's close, while Micron shares have tumbled 23% in that time. The S&P 500 is up 4.2% over the past year.
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