Fly News Breaks for September 11, 2018
WDC
Sep 11, 2018 | 06:30 EDT
As reported earlier, RBC Capital analyst Amit Daryanani downgraded Western Digital to Sector Perform from Outperform and lowered his price target to $70 from $95. The analyst expects NAND headwinds to persist through mid-2019 on oversupplied market conditions and muted demand, leading to lower margins and likely downward estimate revisions. Daryanani also cites continued capacity additions contributing to more supply, along with muted declines in the cost per bit in production further pressuring margins. The analyst believes that FY19 EPS consensus estimates are at risk, stating that his $9.99 view is 15% below that of the Street.
News For WDC From the Last 2 Days
WDC
Apr 17, 2024 | 06:21 EDT
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.