Shares of Western Digital pop, firm raises quarterly forecast
Shares of Western Digital popped nearly 5 percent Thursday, after the company updated its fiscal fourth-quarter revenue guidance.

The company now expects its fourth quarter revenue to be approximately $3.46 billion, compared to an earlier forecast of $3.35 billion to $3.45 billion. The firm also raised its adjusted earnings forecast, hiking it to 72 cents a share, from a range of between 65 cents and 70 cents.

The computer data storage company "is going through a strategic and organizational transformation," said Steve Milligan, CEO of Western Digital. Western Digital recently acquired SanDisk.

"As we look into the second half of 2016, we continue to believe WDC will see further earnings tailwinds as HDD pricing becomes more benign," analysts at Rosenblatt Securities said in a Thursday note to clients.

Western Digital shares have declined 20.6 percent since January.

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