BofA raised the firm’s price target on Western Digital to $70 from $49 and keeps a Buy rating on the shares after the company beat revenue and EPS guidance in fiscal Q2. The firm sees Western Digital being close to the bottom of the cycle and on track to split the HDD and NAND business in the second half of 2024. Cyclical tailwinds are starting to kick in on both HDD and NAND, where careful management of capacity should drive sustained pricing upside, so the firm sees room for “significant positive estimate revisions,” the analyst added.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on WDC:
- Western Digital (NASDAQ:WDC) Tanks on Another Weak Quarterly Performance
- Options Volatility and Implied Earnings Moves Today, January 25, 2024
- Nvidia (NASDAQ:NVDA) Brings Supercomputing-as-a-Service to Life
- Western Digital call volume above normal and directionally bullish
- Western Digital price target raised to $65 from $46 at Susquehanna