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Jefferies lowers its estimates on Western Digital

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