Shares of Western Digital Corp. WDC, +5.32% are rising in premarket trading Tuesday following another analyst upgrade. Deutsche Bank’s Sidney Ho raised his rating on the stock to buy from hold on Tuesday, a day after Longbow Research also bumped his rating up to buy from neutral. “We are starting to observe favorable data points in both HDD and NAND that will support a solid 2H CY19 recovery for WDC’s earnings,” wrote Deutsche Bank’s Ho. “On the upcoming earnings call, we expect WDC management to highlight the improved visibility, which should be a positive catalyst for the stock.” He raised his price target to $60 from $45 in conjunction with the upgrade. WDC shares are up 2.2% in premarket trading. They’ve climbed 37% over the past three months, as the S&P 500SPX, +0.08% has risen 11%.
Western Digital Corp. shares were trading at $54.38 per share on Tuesday afternoon, up $2.52 (+4.86%). Year-to-date, WDC has gained 48.73%, versus a 16.67% rise in the benchmark S&P 500 index during the same period.
This article is brought to you courtesy of MarketWatch.