WDC - Western Digital rises for second day as Citi maintains buy after Elliott calls for split

Western Digital (NASDAQ:WDC) shares rose for a second day on Wednesday after activist investor Elliott Management called for the storage company to separate its hard-disk drive and flash businesses, with investment firm Citi maintaining its buy rating in light of the news. Analyst Jim Suva, who has a per-share price target of $75 on Western Digital (WDC), noted that the company is the firm's "top value technology stock" and has "several options" to unlock value for shareholders. "We view Elliott's proposal as only one of several methods to unlock value, which could also be obtained via internal operations improvement, capital allocation, JV ownership resolution, etc.," Suva wrote in a note to clients. Western Digital (WDC) shares rose nearly 1% to $62.31 in premarket trading on Wednesday, following a 14.5% gain on Tuesday. In addition, Suva noted that more is expected from Western Digital (WDC) when it holds its investor day on May 10th in San Francisco.

For further details see:

Western Digital rises for second day as Citi maintains buy after Elliott calls for split