Western Digital upgraded to Buy from Neutral at Mizuho
The Fly

Western Digital upgraded to Buy from Neutral at Mizuho

Mizuho analyst Vijay Rakesh upgraded Western Digital to Buy from Neutral with a price target of $50, up from $38. The analyst sees improving structural trends driving an accelerated path to supply/demand balance for memory. The firm says we are close to a cyclical bottom, with Q1 potentially seeing the peak in inventories and a tough in revenue, with fundamentals set to recover in the second half of 2023. A cyclical Q1 trough with structural improvement positions Micron, Western Digital and Seagate for upside with the shares 40%-50% below prior cycle peaks, Mizuho contends.

Published first on TheFly

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