Morgan Stanley repeats its Overweight rating on hard-drive manufacturers Western Digital and Seagate, but cuts the price target for Western Digital to 643 dollars from 676 and raises Seagate’s to 1,200 dollars from 1,187. This is reported by Investing.com.
The bank sees buying opportunities following the share-price declines and points to strong demand as well as a risk of capacity shortages. Earnings forecasts are 10 and 12 percent, respectively, above consensus.
Seagate regains its position as the bank’s favorite in IT hardware, while Western Digital is considered better positioned ahead of the earnings report.
