Western Digital Corp. (WDC) PT Raised to $53 at Rosenblatt

Rosenblatt analyst Kevin Cassidy raised the price target on Western Digital Corp. (NASDAQ: WDC) to $53.00 (from $50.00) while maintaining a Buy rating.

The analyst commented: "The new Western Digital came to market with a bang. Reporting a record high HDD Non GAAP GM of 40.1% which along with controlled OpEx delivered a solid beat to Non-GAAP EPS. June quarter guide promises 6.5% Q/Q revenue growth and GM expansion to 40.5%. With the HDD market clearly in an AI data center driven up cycle, management displayed business confidence with initiating a small dividend. We see the company's strategy for reinvesting in the business; reducing debt; and return cash to investors as providing a relatively safe, considering all the geopolitical uncertainties, investment with AI exposure. We are lifting our estimates and 12-month target price to $53."

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