Citi initiated coverage of Western Digital with a Buy rating and $90 price target. The analyst expects a clyclical recovery in the storage market. Following several quarters of storage digestion, capex cuts and workforce reductions, the storage media industry dynamics should improve from here with the return of pent-up storage demand led by hyperscalers, the analyst tells investors in a research note. Citi’s positive view on Western Digital is based on a cyclical recovery in the storage industry coupled with the company’s exposure to both hard disk drive and solid state.
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