Western Digital Corp (NASDAQ:WDC) shares are volatile Tuesday. The stock dropped in Monday’s after-hours session on the heels of the company’s quarterly results, but it’s paring losses Tuesday morning after multiple analysts raised price targets.
- Q4 Revenue: $2.67 billion beat estimates of $2.52 billion
- Q4 EPS: loss of $1.98 beat estimates for a loss of $2.
Revenues were down 5.4% sequentially. Cloud revenue fell 18%, while client revenue increased 6% and consumer revenue jumped 3%.
“We are encouraged by several indicators signaling improving Flash market dynamics. Our two largest end markets, Client and Consumer, are returning to growth, inventories are normalizing, content per unit is increasing and price declines have been moderating,” said David Goeckeler, CEO of Western Digital.
Outlook: Western Digital said it expects fiscal first-quarter revenue to be between $2.55 billion and $2.75 billion versus estimates of $2.75 billion. The company anticipates a first-quarter adjusted loss of $1.80 to $2.10 per share.
See Also: Uber Technologies Stock Rides Higher On Q2 Performance: The Details
Analyst Assessment:
- Rosenblatt analyst Kevin Cassidy maintained Western Digital with a Neutral and raised the price target from $29 to $38.
- Raymond James analyst Srini Pajjuri maintained Western Digital with an Outperform and raised the price target from $42 to $46.
- BofA Securities analyst Rafe Jadrosich maintained Western Digital with a Buy and raised the price target from $41 to $49.
WDC Price Action: Western Digital shares were down 0.68% at $42.27 at the time of publication, according to Benzinga Pro.
Photo: courtesy of Western Digital.
