Analyst trims price targets on Western Digital, Seagate Technology
By APThursday, July 15, 2010
Analyst cuts target on Western Digital, Seagate
LOS ANGELES — An analyst trimmed his price targets on shares of Western Digital Corp. and Seagate Technology, saying the makers of hard disk drives for consumers will face weak demand.
Wedbush Securities analyst Kaushik Roy trimmed his price target on Western Digital to $42 from $48 and cut his target on Seagate to $20 from $23.
Roy said he expects the consumer sector “to be slightly soft,” even if larger companies upgrade their computer systems.
“We prefer companies with large enterprise exposure over companies such as Western Digital and Seagate and that have sizeable exposure to the consumer market,” he wrote.
Shares in Western Digital ended up 4 cents to $32.73 Thursday, while Seagate shares fell 21 cents, or 1.4 percent, to close at $14.77.
