Exane BNP Paribas Upgrades Western Digital Corp. (WDC) to Outperform, 'Get Ready To Ride The Upcycle'

Exane BNP Paribas analyst Karl Ackerman upgraded Western Digital Corp. (NASDAQ: WDC) from Neutral to Outperform, PT $58.00 (from $36.00).

The analyst comments "We are upgrading Western Digital from Neutral to Outperform, which Is predicated on our work that indicates the current NAND cycle and nearline HDD demand troughed in CQ2.23. Our revised estimates are slightly below Street for SeptQ/DecQ, but we see the stock grinding higher as the strategic review should conclude in the next few months. Moreover our upwardly revised estimates for CY24 are well above consensus and we see over $6 EPS in C2026 TP to $58 on SoTP. which corresponds to c.lOx C25 EPS. or a 2-tum discount to peers."

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 $43.92 yesterday.

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