Western Digital price target lowered to $70 from $78 at UBS

UBS lowered the firm’s price target on Western Digital (WDC) to $70 from $78 and keeps a Neutral rating on the shares. Western Digital’s NAND business was worse than expected in December and guided worse in March, but the Hard Disk Drive story is very much on track, and supply discipline should make the HDD business more stable, the analyst tells investors in a research note. Unless the upcoming spin of the NAND business finally facilitates consolidation by another entity, UBS still doesn’t see a ton of value unlock resulting from the upcoming business separation and spin.