Western Digital (WDC) Stock Advances, Cleveland Research: Checks Remain Positive - TheStreet

NEW YORK (TheStreet) -- Shares of Western Digital (WDC) - Get Report were rising in mid-morning trading on Tuesday as Cleveland Research said its checks on the company remain positive, the Fly reports.

The firm's research on the Irvine, CA-based storage technology company showed continued strong demand for near-line hard disk drives, possible volume ramp of HGST 10TB helium drives and strong execution and pricing in NAND chips.

Cleveland Research projects upside of more than $6.60 in fiscal 2018 earnings per share. That could support a mid-$70 per share stock price, the Fly added.

Earlier this month, Western Digital raised its 2017 fiscal first quarter outlook.

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.

The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its revenue growth and expanding profit margins.

But the team also finds weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and disappointing return on equity.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: WDC

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