Mizuho Securities Downgrades Western Digital Corp. (WDC) to Neutral
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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."
Shares of Western Digital Corp. closed at $55.40 yesterday.
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