UPDATE: Western Digital (WDC) PT Raised to $64 at Mizuho on Positive Supply Chain Checks
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(Updated - September 4, 2019 8:04 AM EDT)
Mizuho Securities analyst Vijay Rakesh raised the price target on Western Digital Corp. (NASDAQ: WDC) to $64.00 (from $61.00) while maintaining a Buy rating following positive supply chain checks.
The analyst commented, "Our checks in the supply chain point to positive NAND-DRAM trends N-T with 1) improving NAND pricing trends, with NAND OEMs raising NAND quotes and customers accepting price increases; 2) customer concerns over "NAND supply stability into 2020E" leading to increasing requests for longterm supply agreements in NAND; and 3) in DRAM also, N-T production bit growth is flattish, though inventories are the concern with potential for YE pricing competition. That said, we believe current NAND and DRAM pricing trends are better than expectations entering the SepQ/2H19, with NAND pricing recovering to Mar-Jun levels and DRAM stabilizing."
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