Western Digital initiated with an Overweight at Cantor Fitzgerald

Cantor Fitzgerald initiated coverage of Western Digital with an Overweight rating and $70 price target. The NAND industry is in “fast recovery” following deep cuts to both utilization rates and capex, and major changes aren’t likely in 2024, the analyst tells investors in a research note. The firm looks for a material uplift to consensus estimates for Western Digital and says the stock is “too cheap to ignore.”