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.
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