Western Digital Shares Jump Following Goldman Sachs Upgrade

Shares of data storage company Western Digital (WDC) ended Thursday's trading day up 5 percent, making it TheStreet's Move of the Day.
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Shares of data storage company Western Digital (WDC) ended Thursday's trading day up 5 percent, making it TheStreet's Move of the Day. Goldman Sachs upgraded the stock to BUY from NEUTRAL and raised its price target to $122 from $106. 'We believe concerns over the impact of weak PCs on Western Digital are overdone,' wrote analyst Bill Shope in a report. TheStreet's Jim Cramer, portfolio manager of Action Alerts PLUS said on CNBC Thursday morning that shares of Seagate Technology (STX) and Western Digital' are going to fly' amid the upgrade of Western Digital from Goldman. 'These stocks are going to fly,' Cramer said. 'One, because they're heavily shorted, because people say PCs are going away, and this is the disk drives that go into PCs. But secondly, Goldman is saying they're too cheap. They could be leveraged buyouts.' Meanwhile the analysts at RBC Capital Markets maintain an 'outperform' rating on Western Digital, while Stifel and Jefferies hold a 'buy' rating on the stock. Shares of Western Digital have fallen 10.4 percent since the start of the year, while Seagate's stock has dropped roughly 15 percent year-to-date. TheStreet's Scott Gamm reports from New York.