STX - Western Digital rises after Q1 results analysts say stock offers 'attractive risk-reward'

Western Digital (NASDAQ:WDC) shares rose Friday morning after the storage company posted first-quarter results that topped estimates and analysts said the risk-reward for the stock is still attractive. Wells Fargo analyst Aaron Rakers, who rates Western Digital (WDC) buy with a per-share price target of $70, noted that the company should be able to earn between $7 and $* per share, given the state of its business. "At its upcoming investor day we think it will be important for [Western Digital] to provide investors w/ confidence in the progression of their 3D NAND cost structure (w/ lower layer count) - i.e., cell density / efficiency is key," Rakers wrote in a note to clients. Western Digital (WDC) shares rose more than 1% to $53.31 in early trading on Friday. During its fiscal third-quarter, Western Digitsal said it earned an adjusted $1.65 per share on $4.38 billion in revenue, up 5.8%

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Western Digital rises after Q1 results, analysts say stock offers 'attractive risk-reward'