Wedbush analysts added Western Digital to the firm’s Best Ideas List saying both the company’s hard disk drive and NAND businesses appear to have bottomed and “should enjoy an upward trajectory through 2024.” While the pace of recovery may start out as modest, markets generally anticipate upcycles, the firm writes in a research note. It expects the NAND cycle will “be particularly positive” once inventories are worked down in light of disinvestment in this space. Wedbush also sees a “strong probability” that Western Digital “realizes a strategic outcome,” which it says could accelerate shareholder value.
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