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High Valuation Driving Western Digital Shares Lower

By Simons, Andrew
Publication: Orange County Business Journal
Date: Monday, April 25 2005
HEADNOTE

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TECHNOLOGY

Valuation concerns can be such a pain for stockholders-witness what happened to Western Digital Corp.

recently.

The Lake Forest-based disk drive maker, which saw its stock soar late last month after upping sales and profit guidance, fell 4% in a day's trading after a J.P. Morgan & Co. analyst downgraded the company's shares. The concern: a high valuation.

Two weeks ago J.P. Morgan shifted its rating on Western Digital to "underweight" from "neutral," saying the stock's recent runup has gotten ahead of Western Digital's growth prospects.

"In our view, now is an opportune time for investors to trim positions ahead of the often challenging summer months," the J.P. Morgan report said.

Shares of Western Digital recently were at $12.7, up from a 52-week low of about $6.4.

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