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Western Digital stock rises after Deutsche Bank upgrade

Emily Bary

Shares of Western Digital Corp. 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 500 has risen 11%.