SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Technology Stocks : WDC, NAND, NVM, enterprise storage systems, etc.
SNDK 264.62+8.7%10:50 AM EST
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Sam who wrote (4076)1/25/2019 8:31:54 AM
From: Sam1 Recommendation

Recommended By
Return to Sender

   of 4827
 
Analyst Actions: Western Digital's Price Target From BMO Cut to $43 From $50, Market Perform Reiterated
MT NEWSWIRES 8:23 AM ET 1/25/2019

Symbol Last Price Change
WDC 40.14 0 (0%)
QUOTES AS OF 04:15:00 PM ET 01/24/2019


08:23 AM EST, 01/25/2019 (MT Newswires) -- Western Digital(WDC) received a reduction to its price target from BMO Capital Markets late Thursday after the data-storage technology company reported fiscal Q2 results below analysts' expectations and forecast Q3 results below Street views.

BMO's new price target on the stock is $43 per share, down from $50. The stock closed Thursday at $40.14 and rose 9.2% in recent Friday pre-market trading to $43.93. BMO kept its investment rating on the stock at market perform.

In a note to clients, BMO said while Western Digital's(WDC) Q2 revenue and adjusted earnings per share were at the low end of the company's guidance range despite a gross margin miss, "the company provided revenue guidance for the March quarter that was dramatically below our and Street expectations, with the gross margin at levels not witnessed in three years and EPS basically one-third of our prior estimate."

The firm thus lowered its estimates on Western Digital's(WDC) earnings and revenue through 2020, leading to the price-target cut.

For its fiscal Q2 ended Dec. 28, Western Digital(WDC) reported adjusted earnings per share of $1.45, down from $3.95 a year earlier and below analysts' mean estimate of $1.50. Net revenue declined to $4.23 billion from $5.34 billion a year earlier, missing analysts' mean estimate of $4.26 billion.

For its fiscal Q3 ending March 29, the company forecast revenue of $3.6 billion to $3.8 billion and adjusted EPS of $0.40 to $0.60, well below analysts' mean estimates heading into the guidance for revenue of $3.89 billion and adjusted EPS of $1.06. The Street's consensus estimates have since come down to $3.69 billion and $0.48, respectively.

Western Digital (WDC) also said it expects Q3 adjusted gross margin at about 28%, which compares with a Street consensus estimate ahead of the guidance of 30.4%; analysts' mean estimate has since come down to 28.1%.

Price: 44.02, Change: +3.88, Percent Change: +9.67
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News