Deutsche Bank analyst Sherri Scribner raised her price target for Western Digital (WDC) to $74 and keeps a Buy rating on the name. The hard disk drive industry is transitioning from a unit-driven industry to a capacity-driven market, which brings near-term challenges but will drive long-term benefits, Scribner tells investors in a research note. The analyst believes Western Digital is well positioned for near-term upside given its planned acquisition of SanDisk (SNDK). Scribner sees near-term sales declines for Seagate (STX) and downgraded the stock this morning to Hold from Buy.

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.