Longbow analyst Nikolay Todorov said contract DRAM prices "continued their free fall" in February and he sees no signs of near-term relief. 4GB DDR4 prices declined 7% month-over-month and server 32GB prices fell 10%, he noted. However, February NAND prices continued to show signs of stabilization, said Todorov, who noted that mainstream contract TLC prices declined 2.5% month-over-month for their narrowest monthly decline since February 2018. The analyst, who said he is gaining incremental confidence in NAND suppliers, has Neutral ratings on Micron (MU) and Western Digital (WDC).

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BofA raised the firm's price target on Western Digital to $85 from $75 and keeps a Buy rating on the shares. The firm sees both the HDD and NAND businesses being close to the bottom of the cycle and sees a potential unlock of shareholder value as the company remains on track to split the HDD and NAND business in the second half of 2024.