Citi raised the firm’s price target on Western Digital to $95 from $90 and keeps a Buy rating on the shares. The analyst also opened a “90-day positive catalyst watch” on the shares. Following several quarters of storage digestion, capex cuts, and workforce reductions, Citi expects storage media industry dynamics to continue improving on return of pent-up storage demand led by hyperscalers, the analyst tells investors in a research note. The firm also expects a capacity-constrained storage industry, plus continued favorable supply-demand and pricing environment to support margin and profitability improvement for Western Digital. Citi cites increased confidence in robust NAND pricing and under-shipment to demand, supporting Western Digital’s flash gross margin improvements, for the “catalyst watch” on the shares.
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