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Western Digital (WDC) -8.7% after issuing poor FQ2 guidance to go with its FQ1 report. CLSA is...
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Tuesday, October 23, 2012, 9:14 AM ETWestern Digital (WDC) -8.7% after issuing poor FQ2 guidance to go with its FQ1 report. CLSA is downgrading shares all the way to Underperform from Outperform, citing weak hard drive demand and a lack of catalysts. During its earnings call, WDC said it expected calendar Q4 industry hard drive shipments of 140M, in-line with a bleak Citi forecast and below a Seagate forecast of 150M-155M. Even after factoring in estimate cuts, shares are likely trading around 4x 2013 EPS exc. cash. STX -5%.
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