NEW YORK (TheStreet) -- Shares of Western Digital (WDC) - Get Report were spiking 7.83% to $60.94 in mid-morning trading on Thursday after the company reported earnings and revenue that topped analysts' forecasts for the 2017 fiscal first quarter.

After yesterday's closing bell, the Irvine, CA-based storage technology company posted adjusted earnings of $1.18 per share, surpassing analysts' expectations of $1.04 per share.

Revenue for the quarter was $4.7 billion, while analysts were looking for $4.5 billion.

Bank of America/Merrill Lynch upgraded the stock to "neutral" from "underperform" and boosted its price target to $66 from $38 today, the Fly reports.

The firm cited improving industry fundamentals of hard disk drive (HDD) and better NAND pricing.

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BofA/Merrill Lynch said Western Digital has been executing well on synergies. The company has also gained from favorable end markets, a lower tax rate, debt refinancing and now an accounting change, the Fly noted.

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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