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NEW YORK (TheStreet) -- Shares of Western Digital (WDC) were climbing 5.99% to $50.40 in pre-market trading on Wednesday after the company increased its 2017 fiscal first quarter forecast.

The Irvine, CA-based storage technology company now sees earnings per share between $1 and $1.05 vs. its prior view for earnings per share in the range of 85 cents and 90 cents.

Analysts are looking for earnings of 90 cents per share for the current period.

First-quarter revenue is now projected to be between $4.45 billion to $4.55 billion compared to the company's previous outlook of $4.4 billion to $4.5 billion.

Wall Street is expecting revenue of $4.45 billion.

The higher guidance follows its recent acquisition of SanDisk and its "continued progress" in integrating its WD and HGST subsidiaries, according to a statement.

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Western Digital will report its full results for the first quarter in late October.

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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