Western Digital Corp
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Information Technology : Technology Hardware, Storage & Peripherals | Mid Cap Value
Company profile

Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage devices and solutions that address the needs of the information technology (IT) industry and the infrastructure that enables the proliferation of data in virtually every industry. The Company's portfolio of offerings addresses three categories: Datacenter Devices and Solutions (capacity and performance enterprise hard disk drives (HDDs), enterprise solid state drives (SSDs), datacenter software and system solutions); Client Devices (mobile, desktop, gaming and digital video hard drives, client SSDs, embedded products and wafers), and Client Solutions (removable products, hard drive content solutions and flash content solutions). The Company develops and manufactures a portion of the recording heads and magnetic media used in its hard drive products.

Postmarket

Last Trade
Delayed
$44.90
0.02 (0.04%)
Bid
--
Ask
--
B/A Size
--

Market Hours

Closing Price
$44.88
Day's Change
-0.97 (-2.12%)
Bid close
--
Ask close
--
B/A Size
--
Day's High
46.54
Day's Low
44.74
Volume
(Heavy Day)
Volume:
4,834,076

10-day average volume:
3,896,748
4,834,076

UPDATE: Tesla is a 'must own' stock, says Wall Street analyst who returns to bullish stance after start-of-year downgrade

7:02 am ET October 22, 2020 (MarketWatch)
Print

By Barbara Kollmeyer

'We were too early on our downgrade,' admit Baird analysts

It isn't too late to "join the party."

That's according to analysts at Baird, who on Thursday upgraded shares of Tesla (TSLA) to outperform and lifted their price target to $488. The electric-car maker late Wednesday reported a fifth straight quarter of profit and sales (https://www.marketwatch.com/story/tesla-stock-jumps-after-companys-q3-profit-sales-beat-expectations-11603311412?mod=home-page) that climbed 40%. Chief Executive Elon Musk described the July-September period as Tesla's "best quarter in history."

In a note to clients, Baird analysts Ben Kallo and David Katter admitted they were "too early" in downgrading the stock to a neutral rating (https://www.marketwatch.com/story/why-a-battle-weary-tesla-bull-is-now-telling-investors-to-move-to-the-sidelines-2020-01-09)in January, after a longtime bullish position. At the time, they suggested it was time to cash in on gains. Tesla shares have soared over 400% so far this year. Shares are up 5% in premarket trading.

Here's their mea culpa: "Clearly incorrect, we are now upgrading share as we think TSLA has the substantial access and ability to deploy capital, and has multiple ways to drive substantial revenue growth."

But better late than never on that upgrade, they suggest. "Tesla's competitive moat over peers is substantial (and growing, enabled buy rapid capital deployment) and we think it is unlikely traditional OEMs [original equipment manufacturers] will be able to effectively compete over time," said Baird analysts.

"We view Tesla as a 'must own' stock for investors looking for exposure to ESG, sustainability and disruptive technology trends," they added.

Kallo and Katter recently upgraded their price target (https://www.marketwatch.com/story/teslas-stock-set-to-snap-6-day-win-streak-while-baird-analyst-boosts-target-by-25-2020-10-15) to $450 from $360, ahead of the latest nudge higher.

Opinion:Tesla plays smoke and mirrors with profits again (https://www.marketwatch.com/story/tesla-plays-smoke-and-mirrors-with-profits-again-11603329872?mod=home-page)

Elsewhere, Dan Ives at Wedbush left his own neutral rating on Tesla intact, in a note that was released ahead of the earnings call. What's important, said Ives, was the fact that Tesla "reiterated its goal of 500,000 vehicles for the year."

Ives noted that Tesla's cash from operations was $2.4 billion, ahead of their own estimates. "This sustained level of profitability is key for the bulls and speaks to a business model which is staying out of the red ink despite this unprecedented COVID-19 dark storm," he said.

-Barbara Kollmeyer; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

October 22, 2020 07:02 ET (11:02 GMT)

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