Western Digital Corp. (WDC) PT Raised to $110 at Stifel on Crypto Farming Boost

June 14, 2021 7:06 AM EDT
Get Alerts WDC Hot Sheet
Price: $62.36 -2.97%

Rating Summary:
    30 Buy, 14 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 27 | New: 42
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Stifel analyst Patrick Ho raised the price target on Western Digital Corp (NASDAQ: WDC) to $110.00 (from $98.00) following Seagate’s recent positive preannouncement and NAND flash memory checks.

The analyst reiterated a Buy rating, stating "We are increasing our multiple on the HDD business as we have noted that the changing HDD industry dynamics warrant a higher multiple for the group. We believe near-term trends are receiving a boost from crypto-farming demand but long-term mass capacity storage demand trends remain on track. On the flash end, recovering enterprise (which helps SSDs) and an improved inventory situation could lift revenue and margin estimates in this segment. In total, we believe industry trends are tracking above previous expectations and this is driving our increased estimates and target price."

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