Western Digital Analyst Highlights Growth in Nearline Drive and NAND Market Recovery, Upgrades Stock
Benchmark analyst Mark Miller upgraded Western Digital Corp (NASDAQ:WDC) from Hold to Buy and a $85 price target.
Miller said Western Digital produced significant upside results, driven by improving flash pricing and nearline drive sales.
He noted continued improvements in NAND pricing and Nearline sales as 2024 progresses.
Also Read: Western Digital Poised For Breakout, Analyst Sees 10% Estimate Beat And Powerful NAND Recovery
Miller now projects fiscal 2025 adjusted EPS of $6.84 on sales of $16.5 billion.
Western Digital’s third-quarter adjusted EPS of $0.63 was an upside to investor expectations by $0.58, while sales of $3.46 billion were $100 million above investor expectations, the analyst stated.
HDD sales were up 28.2% sequentially and 17.1% year over year to $1.75 billion. Improving nearline sales aided results driven by hyperscale customers. Shipments of 24 TB and 28 TB SMR drives represented …
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