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Western Digital (WDC) Stock Spikes on Q1 Forecast, Analysts: Benefits Could Continue Into 2017

NEW YORK (TheStreet) -- Shares of Western Digital (WDC) were spiking 11.97% to $53.24 in late-morning trading on Wednesday after the company upped its guidance for the 2017 fiscal first quarter.

R.W. Baird increased its price target to $70 from $65 and maintained an "outperform" rating after the updated view.

"We believe improved NAND supply/demand dynamics could last through end of 2017, driven by a new secular growth cycle (enterprise SSDs) while 3D transition could continue to impact supply next year," the firm wrote in a note cited by Barron's.