Western Digital Corp. (WDC) PT Lowered to $430 at TD Cowen

TD Cowen analyst Krish Sankar lowered the price target on Western Digital Corp. (NASDAQ: WDC) to $430.00 (from $540.00) while maintaining a Buy rating.

The analyst commented: "Raising CapEx Into Demand Strength; One key point of debate among investors is what is the right multiple for HDD stocks postToshiba (and capex raise), since it debunks the “rational duopoly" thesis (we assign 15x). In the upturn, adding supply is a win-win for both HDD OEMs & hyperscalers, who can each save ~$500M by buying 1 HDD exabyte vs NAND, we est. But, that supply comes with risk of HDD margins being worse in a slowdown."

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