Rosenblatt upgraded Western Digital to Buy from Neutral with a price target of $115, up from $65. The analyst cites strengthening NAND flash prices for the upgrade. Industry data points suggest Q2 NAND Flash average contract prices will increase by 15% sequentially from the combination of increasing demand, low inventories, and disciplined capacity controls, the analyst tells investors in a research note. The firm continues to view NAND Flash demand as price elastic.
Protect Your Portfolio Against Market Uncertainty
- Discover companies with rock-solid fundamentals in TipRanks' Smart Value Newsletter.
- Receive undervalued stocks, resilient to market uncertainty, delivered straight to your inbox.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on WDC:
- Western Digital call volume above normal and directionally bullish
- Early notable gainers among liquid option names on April 1st
- Unusually active option classes on open March 28th
- Western Digital initiated with an Outperform at Evercore ISI
- Early notable gainers among liquid option names on March 26th