As previously reported, Benchmark analyst Mark Miller downgraded Western Digital (WDC) to Hold from Buy and removed the firm’s price target The firm sees “a growing number of concerns” for Western Digital, including softening NAND pricing driven by customer inventory adjustments in consumer markets, continued expected slowness in NAND chip demand in the industrial and automotive markets, weak Q2 guidance issued by Micron (MU) and a declining share in the NAND market. Given these concerns, the firm reduced its FY25 outlook to a forecast for non-GAAP net income of $7.57 per share on sales of $16.7B, the analyst noted.
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