NEW YORK () -- Shares of Western Digital () were spiking 11.97% to $53.24 in late-morning trading on Wednesday after the company upped its 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.
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