In a research note title "Memory Monthly: When Will DRAM Bottom?," RBC Capital analyst Mitch Steves says that August pricing data was positive after the significant move following supply chain disruptions amid Western Digital (WDC)/Toshiba (TOSYY; TOSBF) power outage and Korea/Japan dispute. The analyst believes DRAM will bottom over the next couple of months. With 2020 likely to be an up year, Steves thinks the current environment creates attractive entry points for both Micron (MU) and Western Digital. Overall, the monthly data reflects an improving pricing environment, he adds.
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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.