Deutsche Bank downgrades Western Digital on Toshiba, NAND concerns

|About: Western Digital Corporation (WDC)|By:, SA News Editor

Deutsche Bank downgrades Western Digital (NYSE:WDC) from Buy to Hold and lowers the price target from $105 to $80.

Analyst Sherri Scribner tells investors to take a “wait-and-see approach” due to the uncertainty around Toshiba’s chip unit sale and a NAND cycle that’s nearing its peak heading into a 2018 easing. 

Western Digital wasn’t part of Toshiba’s winning consortium but has filed arbitration claiming contractual consent rights to the chip unit sale. Toshiba denies those rights exist and says the arbitration will, at worst, cause it to strip out the joint ventures with Western Digital and lower the chip unit selling price. 

Western Digital shares are down 0.88%.  

Previously: Toshiba again says Western Digital has no right to approve chip sale (Oct. 4)

Previously: Bain plans to sell Toshiba chip unit in time (Oct. 5)

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