Western Digital Corp. (WDC) Acquiring Kioxia Would Be Positive At The Right Price - Stifel
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Stifel analyst Patrick Ho reiterated a Buy rating and $115.00 price target on Western Digital Corp. (NASDAQ: WDC) after news reports emerged that Western Digital was exploring a potential acquisition of/merger with Japanese-based NAND flash supplier, Kioxia.
The analyst stated "There was similar speculation last year, and according to the reports, the valuation was estimated to be $20B and current WD CEO, Dave Goeckeler, would run both companies if a deal were consummated. We believe
from an industry and WD-perspective, this would be a positive move. We plan to provide a more detailed analysis if and when any agreement is announced but we believe this valuation could be lower than what Kioxia was seeking when it explored an IPO in 2020. Note we do not have any incremental insight on whether the reports are accurate, or not. If a deal does not transpire, we remain comfortable with our current view of WD's dual business strategy in both HDD and NAND flash."
For an analyst ratings summary and ratings history on Western Digital Corp. click here. For more ratings news on Western Digital Corp. click here.
Shares of Western Digital Corp. closed at $63.24 yesterday.
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