Shares of Western Digital (WDC) tumbled about 15% premarket on Thursday despite a second quarter beat as analysts highlighted the results of peer Seagate Technology (STX).
Wedbush kept its Outperform rating and $650 price target on the stock, noting that the quarter To ensure this doesnât happen in the future, please enable Javascript and cookies in your browser
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh. Entering text into the input field will update the search result below Quick Insights Investors were disappointed by guidance and weaker results compared to Seagate, causing the stock to fall despite an earnings beat.
Western Digital’s guidance and margin forecasts lagged behind Seagate’s, with relative growth, margin expansion, and EPS surprises being less impressive than Seagate’s. Analysts remain confident due to strong industry cycle and potential for improved pricing, but they seek stronger quarters and guidance for stock recovery