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.
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