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Fly News Breaks for January 31, 2020
Jan 31, 2020 | 07:18 EDT
Wedbush analyst Matt Bryson raised his price target for Western Digital to $86 from $83 and reiterated an Outperform rating after the company modestly exceeded prior guidance as the realization of cost savings from manufacturing rationalization benefited HDD margins and NAND bit shipments grew more than he anticipated. Bryson tells investors in a research note he believes this is the initial innings of a flash cycle that should yield increasing NAND ASPs and gross margins for Western Digital through most, if not all, of CY20.