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Western Digital Climbs on Deutsche Bank's Upgrade to Buy

Rob Lenihan

climbed nearly 5% to $54.42 Tuesday after Deutsche Bank upgraded the data storage device maker to buy from hold. Analyst Sidney Ho also raised his price target to $60 from $45 a share. "While we acknowledge there is downside risk to near-term EPS due to weaker-than-expected NAND pricing - and hence we lower our near-term EPS estimates -supply cuts across the NAND industry, along with a re-acceleration of nearline HDD demand, will likely lead to a strong-er recovery off a lower base in 1H CY19," Ho said.