Analyst Update: Western Digital, Integrated Device Tech, DSW

Analysts adjusted their ratings and price targets on Western Digital Corp (WDC), Integrated Device Technology Inc (IDTI), and DSW Inc. (DSW)

by Josh Selway

Published on May 28, 2015 at 12:16 PM
Updated on Jun 29, 2020 at 3:25 PM

Analysts are weighing in today on data storage focus Western Digital Corp (NASDAQ:WDC), semiconductor concern Integrated Device Technology Inc (NASDAQ:IDTI), and footwear retailer DSW Inc. (NYSE:DSW). Here's a quick look at today's brokerage notes on WDC, IDTI, and DSW.

  • A bullish note from Goldman Sachs has WDC 5% higher today at $99.06. Specifically, the brokerage firm raised its outlook on the stock to "buy" from "neutral" and lifted its price target to $122 from $106, saying the stock's current price doesn't fully account for the company's non-PC exabyte growth. Most brokerage firms share this bullish sentiment, with 15 of 19 calling Western Digital Corp a "buy" or better. This, despite the equity underperforming the S&P 500 Index (SPX) by more than 11 percentage points in the past three months.

  • IDTI has added 3.3% to trade at $23.94 -- and earlier touched a nearly 13-year high of $24.15 -- after some positive analyst attention. For instance, Wedbush and Topeka Capital each raised their price targets on the stock, to $23 and $29, respectively. Integrated Device Technology Inc is now up 77% in the past 12 months, but short-term option traders are still more put-skewed than normal, according to its Schaeffer's put/call open interest ratio (SOIR). At 1.44, this reading is only 2 percentage points from an annual high.

  • DSW has given back 2.8% today to trade at $34.17, after Goldman Sachs waxed pessimistic on the shares -- despite the company's encouraging first-quarter results. The brokerage firm removed the stock from its "America's Buy" list (as it also did to this more upscale retailer), cut its assessment to "neutral" from "buy," and reduced its price target to $37 from $44. After all that, DSW Inc. is now 8.4% below breakeven in 2015, and option traders are likely dissatisfied. The security's 50-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call/put volume ratio of 17.43 is only 3 percentage points from an annual bullish peak.

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