Morgan Stanley lowered the firm’s price target on Western Digital (WDC) to $83 from $85 and keeps an Overweight rating on the shares. The firm updated its model to reflect share count dilution from the $1.6B convertible senior notes, which carry a conversion price of $37.89, estimating that this results in an incremental dilution of 19.0M shares based on the latest share price of $68.82.
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