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JP Morgan Downgrades Western Digital


JP Morgan downgrades Western Digital (WDC) to underweight from neutral.

Analyst Mark Moskowitz says the stock's recent run overvalues near- to mid-term growth prospects of desktop-centric Western Digital, particularly, pending contributions of its notebook and 1.0 inch drive programs.

He thinks now is an opportune time for investors to trim positions ahead of often challenging summer months.

Although shares trade at 12.5 times $1.13 calendar year 2006 earnings per share estimate, below peer group average of 13.5 times, he thinks Western Digital will trail its peer group in the near-term owing to less opportunity for sustained sequential revenue and margin growth than that of its peers.


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