Western Digital price target raised to $100 from $94 at Morgan Stanley

Morgan Stanley analyst Joseph Moore raised the firm’s price target on Western Digital (WDC) to $100 from $94 and keeps an Overweight rating on the shares. Considering the “nervous NAND market,” Western Digital “did well,” with like-for-like pricing up in September and implied guidance for modest declines in December, with bits up mid-single digits and NAND revenues up slightly, the analyst tells investors in a post-earnings note. Looking forward, the firm is “optimistic” about NAND improving next year, but adds that “even if it doesn’t, the NAND asset is mispriced” and post the “solid numbers,” the focus should shift to the separation.