Morgan Stanley raised the firm’s price target on Western Digital (WDC) to $73 from $52 and keeps an Overweight rating on the shares and making it the firm’s Top Pick in semis, replacing Nvidia (NVDA). The firm is seeing NAND prices up more than 20% quarter-over-quarter in Q1, and more in some areas, and is raising estimates as it sees business getting better at “a rapid rate.” Meanwhile, it views the valuation disparity between Western Digital and peers as “extremely compelling,” particularly in light of the second half separation of the memory business, which the firm thinks should unlock sum of the parts values.
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