As previously reported, Evercore ISI analyst C.J. Muse downgraded Western Digital (WDC) to Underperform from In Line and lowered his price target for shares to $30 from $35. In a research note to investors, Muse says that while he maintains his positive secular view for Semi demand long-term, he believes the market is not fully appreciating the negative consequences to the company from NAND weakness, as well as its structural competitive issues. He sees the stock trading lower as estimates move lower and investors come to realize that the dividend is at risk, adding that the current competitive positioning is "not ideal" as he estimates Western Digital's SSD share has roughly halved in the last few years to about 12%. The analyst also downgraded Teradyne (TER) to In Line from Outperform.
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