Western Digital price target raised to $84 from $80 at BofA

BofA raised the firm’s price target on Western Digital (WDC) to $84 from $80 and keeps a Buy rating on the shares after the company filed an 8K pre-announcing that it expects fiscal Q2 revenue to come in at the mid-point of the guided range and EPS at the lower end of the guided range of $1.75-$2.05 due to what it calls “a more challenging pricing environment in the company’s flash business.” The pre-announcement of within the guidance range could have been triggered by the news around the CFO transition, notes the firm, which reiterates a Buy rating given the cyclical recovery and the upcoming split of the HDD and NAND businesses.

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