Western Digital Corp. (WDC) PT Lowered to $38 at Mizuho Securities

November 29, 2022 4:56 PM EST
Get Alerts WDC Hot Sheet
Price: $42.23 -2.36%

Rating Summary:
    24 Buy, 21 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 31 | New: 13
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Mizuho Securities analyst Vijay Rakesh lowered the price target on Western Digital Corp. (NASDAQ: WDC) to $38.00 (from $40.00) while maintaining a Neutral rating.

The analyst commented, "Our recent checks into the supply chain show: 1) demand weak into 2023 with China COVID restrictions impacting retail traffic and logistics from Beijing to Shenzhen/Shanghai to Zhengzhou; 2) inventory at Memory suppliers and Server/Hyperscale customers higher (>8-14 weeks); 3) pricing trending negative, and 4) fab underutilization an added headwind to margins."

Lowering DecQ from $3.0B/($0.10) to $2.97B/$($0.08) (cons. $3.00B/($0.09), and we believe the cons. of a DecQ GM trough challenging), our F23E from $13.2B/($0.49) to $13.0B/($0.49) (cons. $13.3B/$0.04), and F24E from $16.6B/$2.55 to $15.9B/$2.13 (cons. $16.0B/$3.31) as we raise F25E from $18.8B/$4.74 to $18.8B/$5.59 (cons. $18.4B/$5.51).

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