Wells Fargo analyst Aaron Rakers lowered his price target for Western Digital to $65 from $75 as fundamental trends remain weak - NAND Flash price declines and indications of a continued build-up of industry inventory plus a multi-quarter slowdown/digestion phase for cloud-driven near-line HDD demand. That said, the analyst thinks the company's Q3/Q4 quarters will set a fundamental bottom and thus believes investors will start to consider an improving set-up into the first half of 2020. While Rakers thinks shares of Western Digital could back to the low-$30 range over the near-term, he remains positive on the long-term risk/reward, and reiterates an Outperform rating on the shares.