Western Digital Corp. (WDC) PT Raised to $64 at Citi

Citi analyst Asiya Merchant raised the price target on Western Digital Corp. (NASDAQ: WDC) to $64.00 (from $60.45) while maintaining a Buy rating.

The analyst comments "We are updating our WDC model forecasts to reflect the completion of SNDK flash spinout. We are also adjusting our target price to $64 from $80 (as previously published) for the remaining core HDD business. Overall, we find the stable HDD market supportive of improving earnings expectations and reiterate our Buy rating. At current levels, WDC is trading at 2.12x EV/S CY26. This compares with STX trading at 2.6x EV/S CY26. Further reduction in net debt is expected within 12 months including the sale of its 19.9% share of Sandisk shares."

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