NEW YORK ( TheStreet) -- Shares of Western Digital (WDC) - Get Report led the S&P 500 Thursday with a 10% gain following better-than-expected, fiscal fourth-quarter earnings. The stock was TheStreet's Move of the Day.
Earnings came in at $1.51 a share, compared to estimates of $1.45, although last year the data storage company earned $1.85 a share.
Revenue totaled $3.2 billion, just shy of the $3.25 billion Wall Street expected.
The company's CEO Steve Milligan said demand for the quarter was weak given softness in the PC market. However, he told analysts in an earnings call that he sees "early signs of market stabilization," which follows Microsoft's (MSFT) - Get Report recent launch of Windows 10.
"I am satisfied with our execution and performance in the fourth fiscal quarter in light of the weak PC market," Milligan said. "Our financial performance reflects our strong product and technology positioning coupled with solid execution. We remain positive about the opportunity to create long-term value in the evolving storage ecosystem."
Meanwhile, the analysts at KeyBanc cut their price target to $100 from $110, on the lackluster PC demand, but reiterated an outperform rating.
RBC Capital Markets also held an outperform rating with a $94 price target. JPMorgan analysts maintained a neutral rating and an $84 target. The stock trades near $86.45 a share.
Shares have risen 13% since their low for the year on July 27, but have fallen 22% year-to-date.