Western Digital Corp. (WDC) Margin Momentum is Building - Stifel
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Stifel analyst Patrick Ho reiterated a Buy rating and $64.00 price target on Western Digital Corp. (NASDAQ: WDC) after the company reported 2Q21 (Dec) earnings results above expectations and provided an outlook that was consistent with current industry conditions. The company is coming off a bottom in the December quarter in HDD and expects a pickup in the enterprise/data center segment going forward.
The analyst stated "We were also encouraged by its comments regarding qualifications of its next generation, EAMR drives. On the flash end, conditions were improving in some markets, while excess inventory persisted in others. However, we believe WD is on track for a CY-2H21 recovery along with the rest of the industry. The biggest takeaway may be management’s comments of improving margins trends as we progress through 2021. Given our recent introduction of FY22 estimates, we are making minimal changes to our estimates".
Shares of Western Digital Corp. closed at $58.87 yesterday.
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