Western Digital Stock Jumps to a 52-week High
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Shares of Western Digital Corp. rose to a new 52-week high Monday, after the maker of hard disk drives received an upgrade from an analyst who sees the company benefiting from a recently announced merger of two rivals.
Deutsche Bank analyst Sherri Scribner promoted Western to a buy, saying the company’s business will benefit from the merger of its rivals. Additionally, the loss of the industry’s No. 3 player will likely act to dampen the sector’s normally brutal rounds of price-cutting.
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