Yahoo Finance Today’s Research Reports on Stocks to Watch: Seagate Technology and Western Digital
NEW YORK, NY / ACCESSWIRE / September 5, 2018 / It was a negative note from an Evercore ISI analyst this week that sent shares of both Seagate Technology and Western Digital Corporation lower on Tuesday. Both stocks received downgrades and price target decreases on concerns of declining profit margins.
RDI Initiates Coverage on:
Seagate Technology plc
https://rdinvesting.com/news/?ticker=STX
Western Digital Corporation
https://rdinvesting.com/news/?ticker=WDC
Seagate Technology plc shares were plummeting in Tuesday trading, closing the day down 7.71%. It was a bearish note from Evercore ISI analyst C.J. Muse that sent shares into the red. He lowered his rating on the stock from "underperform" to "in line" and lowered his price target from $55 to $45. He wrote, "We...believe the market has gotten a bit complacent around NAND pricing, especially with respect to demand elasticity for NAND driving increasing [hard-disk drive] cannibalization." It was also in August that Goldman Sachs had warned that the solid-state disk drive market was in a state of oversupply, with weak pricing that could create "secular challenges." Goldman downgraded the stock from "neutral" to "sell" with a price target of $44.00, from $50.
Access RDI’s Seagate Technology plc Research Report at:
https://rdinvesting.com/news/?ticker=STX
Western Digital Corporation shares closed down almost 5% yesterday on about 8.3 million shares traded. The stock sank to a new low of $58.92 after getting negative remarks from Evercore ISI. The firm has predicted that both Western Digital and Seagate Technology will suffer from declining profit margins. The firm lowered its rating on the stock to "inline" from "outperform." Analyst C.J. Muse said in a note, "With topline likely flattish at best, GMs [gross profit margin] heading lower, and worse than expected NAND [flash memory] pricing driving increased potential for cannibalization of HDDs [hard disk drives], we see risk to the downside for Seagate after an excellent run. With NAND pricing expected to decline more aggressively through 1H19 … we simply find it hard to see [Western Digital] shares working into year-end." He lowered his price target from $100 to $75. Both Western Digital and Seagate sell hard drives and flash memory storage devices.
Access RDI’s Western Digital Corporation Research Report at:
https://rdinvesting.com/news/?ticker=WDC
Our Actionable Research on Seagate Technology plc (NASDAQ: STX) and Western Digital Corporation (NASDAQ: WDC) can be downloaded free of charge at Research Driven Investing
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SOURCE: RDInvesting.com
https://www.accesswire.com/511335/Todays-Research-Reports-on-Stocks-to-Watch-Seagate-Technology-and-Western-Digital
