Guggenheim analyst Robert Cihra kept his Buy rating and $125 price target on Western Digital, saying the recent sell-off in its stock on cooling NAND prices has brought valuation to a point where it assigns a 10-times multiple on the core HDD earnings and zero to NAND/SSDs. The analyst notes that while sentiment on the stock may not recover until NAND margins improve - which he expects to happen in the March or June quarter of 2019 - but also believes that the current stock price valuation "more than discounts" that moderation. Cihra adds that he is positive on Western Digital's presence in both electromagnetic/mechanical HDDs and solid state NAND/SSDs options as the market storage demands continue to grow.

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.