Western Digital’s price movement
Western Digital (WDC) has a market cap of ~$9.1 billion. It rose by 4.6% to close at $44.11 per share on June 28, 2016. The stock’s weekly, monthly, and trailing 12-month (or TTM) price movements were -9.8%, -2%, and -46.2%, respectively, on the same day.
Western Digital is trading 6.7% below its 20-day moving average, 1.6% above its 50-day moving average, and 0.61% below its 100-day moving average.
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Analysts upgrade WDC
On June 28, 2016, investment analysts at Vetr upgraded Western Digital’s stock to a “strong-buy” rating from a “buy” rating. UBS recently raised the price target on WDC to $50 following its acquisition of SanDisk (SNDK).
The SanDisk–Western Digital merger is expected to create a company with nearly $20 billion in combined revenue. The combined company would be able to capitalize on the growth of the enterprise storage products market. This market is estimated to reach $76 billion by 2017.
Western Digital plans to gain access to SanDisk’s foundries and intellectual property. SanDisk, in partnership with Hewlett-Packard (HPQ), developed a storage-class memory technology. SanDisk claims that this technology can compete with Intel (INTC) and Micron Technology’s breakthrough memory chip 3D XPoint.