UPDATE: Brean Murray Carret & Co Raises PT to $31 on Western Digital

A report from Brean Murray Carret & Co reiterates its Buy rating and raises its price target from $28 to $31 on Western Digital (NYSE: WDC).

The report states, “We remain bullish on WDC, although we can't have complete visibility on 2012 / 2013 earnings power until we're certain what part of the combined WDC / Hitachi 3.5 inch business they'll be retaining as a contingency to closing the deal and what new synergies could reasonably result– however, if we assume a similar impact to gross margin for WDC (as for STX) AND assume that WDC sells / exits the Hitachi .5in desktop business then 2012 / 2013 EPS could be ~$2.00 for CY12 and ~$6.00 for CY13.”

WDC closed yesterday at $26.56.