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
See today’s best-performing stocks on TipRanks >>
Read More on WDC:
- Micron Technology Makes More Cuts, Stock Upgraded
- Western Digital price target raised to $60 from $50 at Craig-Hallum
- Western Digital price target lowered to $35 from $38 at Mizuho
- Western Digital Posts Mixed Bag for Q2; Activist Investors Take Stake
- Western Digital sees Q3 EPS ($1.70) to ($1.40), consensus (30c)
