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Seagate (STX -2.3%) and Western Digital (WDC -2.1%) sell off following a downgrade to Equal...

  • Tuesday, May 29, 2012, 11:23 AM ET
    Seagate (STX -2.3%) and Western Digital (WDC -2.1%) sell off following a downgrade to Equal Weight from Barclays' Ben Reitzes, who sees soft PC demand hurting the companies' 2H results. Reitzes also claims notebook hard drive prices, boosted by capacity shortages, are falling faster than expected, and says his checks indicate hard drive production cuts and PC inventory tightening. Moreover, he expects Apple's rumored plans to sell a cheaper MacBook Air to hurt hard drive demand.
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    Maybe the Tsunami boosted prices for STX, but I wonder what Ben Reitzes would estimate the EPS for this and next year. At what point would Ben Reitzes consider that the current price has discounted his expectations thereby threatening the dividend yield? Also, how are hard drive prices boosted by capacity shortages???? IMHO opinion, when analysts like Ben Reitzes drive prices for WDC and especially STX (<$20.00), STX at least would make a great buy just for yield.
    29 May 2012, 02:23 PM Reply Like
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