Western Digital, Seagate Down Despite Analyst Target Hikes

Both Seagate Technology PLC (NASDAQ: STX) and Western Digital (NASDAQ: WDC) were off Wednesday after Longbow raised its target on each.

Longbow's Joe Wittine is among at least three analysts this week who have raised targets on Western Digital.

Wittine boosted his target from $100 to $110; RBC Capital on Tuesday raised its target from $98 to $100, while a day earlier Needham boosted its target from $100 to $110.

Growing demand by the personal computer market for hard disc drives will benefit both Western Digital and Seagate, Wittine said.

Wittine nudged his Seagate target from $61 to $67, maintaining a Buy on each of the companies.

Seagate closed down 0.36 percent to $58.48, while Western closed down 0.6 percent to $94.30.