Mizuho Securities Downgrades Western Digital Corp. (WDC) to Neutral

October 19, 2021 5:57 PM EDT
Get Alerts WDC Hot Sheet
Price: $59.27 +4.07%

Rating Summary:
    29 Buy, 15 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 12 | Down: 10 | New: 42
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Mizuho Securities analyst Vijay Rakesh downgraded Western Digital Corp. (NASDAQ: WDC) from Buy to Neutral with a price target of $62.00 (from $92.00).

The analyst commented, "Versus our prior positive 2H21 NAND outlook, we believe WDC is seeing challenges with Covid slowing 112L/162L 3D-NAND ramps and Enterprise market share competition, and we believe 4Q/DecQ could have challenges with weaker NAND (current DecQ consensus top-line up ~4% q/q, GMs up ~100bps q/q). Lowering DecQ from $5.3B/$2.75 to $5.1B$/2.48, F22E from $20.5B/$10.35 to $20.1B/$9.38 with GM now at 33.4% (prior 34.6%) and F23E from $22.3B/$11.86 to $21.6B/$10.26. Downgrading WDC to Neutral from Buy, lowering PT to $62 (prior $92), ~6.6x our F22E EPS."

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 $55.40 yesterday.



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