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Technology Stocks : WDC, NAND, NVM, enterprise storage systems, etc.
SNDK 271.38+1.3%3:59 PM EST
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From: Sam1/31/2020 8:00:10 AM
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Western Digital stock climbs after results show 'earnings power on the rise'
MARKETWATCH 7:52 AM ET 1/31/2020

Shares of Western Digital Corp.(WDC) are up 4.7% in premarket trading Friday after the company issued an upbeat earnings forecast the prior afternoon (http://www.marketwatch.com/story/western-digital-shares-rise-6-on-narrowing- losses-2020-01-30). "There isn't much here to dislike - the tone of the call was one of the best we have heard all earnings season," wrote Cowen & Co. analyst Karl Ackerman. "Most notably, the company articulated it expects NAND [gross margins] will progress toward its long-term target of 35-40% in the second half of C2020, as the company should be a primary beneficiary of improving supply/demand dynamics and faster than expected share gains in enterprise [solid-state drives]." He reiterated his outperform rating and $88 target price. Susquehanna's Mehdi Hosseini said that Western Digital's(WDC) "earnings power [is] on the rise" as he now expects annualized earnings per share of about $8 by the end of 2020 and $10 by the end of 2021. Hosseini rates the stock at positive while hiking his target to $100 from $90. Shares have risen 30% over the past three months, as the S&P 500 has risen 8%.
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