Barclays analyst Tom O’Malley upgraded Western Digital to Overweight from Equal Weight with a price target of $65, up from $45. The firm raised hard disk drive revenue forecast for 2024 and rolled out estimates for 2025. It currently sees units inflecting higher in Q2 of 2024 on the back of stronger nearline and recovering to mid-single-digit unit growth and nearly 20% revenue growth in 2025. The analyst cites better fundamentals in HDD and flash for the upgrade of Western Digital. “The bottom is in for Flash,” writes Barclays.
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