OCZ Technology Leads Data Storage Rally (OCZ, WDC, STX, EMC, NTAP, SNDK)
Shares of OCZ Technology Group (OCZ), the computer memory and data storage hardware maker, are surging 12% after the California-based company reported a surprise fiscal first-quarter adjusted profit of a penny share on revenue of $73.8 million. Analysts were expecting an adjusted loss of a penny a share on revenue of $69.4 million. The company also forecast fiscal 2012 revenue of $310-$345 million, topping the consensus estimate of $310 million.
The news from OCZ Technology is putting a charge into the Data Storage Stocks Index, which is higher by 2.8%. Needham & Co. said OCZ Technology continues to defy its naysayers and the research firm raised its fiscal 2012 revenue estimate for the company to $333 million from $330 million.
Shares of Western Digital (WDC) are soaring 2% after JPMorgan upgraded the stock to “overweight” from “neutral” while boosting its price target on the maker of hard drives to $50 from $42.50, implying substantial upside from where the shares currently trade. The bank also upgraded Western Digital’s rival, Seagate Technology (STX). That stock is up 3% on the upgrade and JPMorgan’s price target increase to $23 from $16, which is also well above where the stock currently trades.
Investors can track the Data Storage Stocks Index for performance trends and a suite of other metrics at tickerspy.com.
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