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Jefferies lowers its estimates on Western Digital

The Western Digital logo is displayed on an external hard drive.
Getty Images
The Western Digital logo is displayed on an external hard drive.

Shares of Western Digital fell more than 2 percent Wednesday after Jefferies lowered its price target on the company.

Jefferies cut its Western Digital estimates to $54 from $62.

Jefferies said it has concerns about Western Digital's "potentially eroding competitive position" and about the company's oversupply of products.

"The potential eventual entrance of a new domestic Chinese player creates elevated risks of oversupply," the firm said in a report of Western Digital.

Western Digital's stock has plunged more than 46 percent in the past year.

Western Digital's 12-month performance: