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Upgrade Alert for Western Digital (WDC)

By James Quinn

Western Digital (NYSE:WDC) was upgraded from Market Perform to Outperform at Cowen and Company today. The stock closed yesterday at $42.28 on volume of 7.2 million shares, above average daily volume of 6.6 million.

Western Digital share prices have moved between a 52-week high of $99.93 and a 52-week low of $34.99 and closed yesterday at 21% above that low price at $42.28 per share. The 200-day and 50-day moving averages have moved 1.26% lower and 0.83% lower over the past week, respectively.

Western Digital has overhead space with shares priced $42.28, or 55.9% below the average consensus analyst price target of $95.77. The stock should run into initial resistance at its 50-day moving average (MA) of $45.22 and subsequent resistance at its 200-day MA of $61.37.

Western Digital Corporation designs and manufactures hard drives for desktop computers and home entertainment applications.

SmarTrend recommended that its subscribers protect gains by selling shares of Western Digital on April 5th, 2016 by issuing a Downtrend alert when the shares were trading at $44.86. Since that call, shares of Western Digital have fallen 9.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades western digital

Ticker(s): WDC