Evercore ISI is lowering the firm’s estimates for Western Digital (WDC) for the December-end and March-end quarters to reflect a weaker flash pricing environment, especially in March period. The firm, which notes it had previously cut numbers in mid-December to reflect management commentary around a worse than expected flash pricing environment, has now “modestly” reduced its December quarter revenue estimate by about $20M and made a larger $115M cut to its March period estimate. However, the firm thinks investor focus will remain on hard disk drive strength and the upcoming split so it maintains an Outperform rating and $85 price target on Western Digital shares.
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