Western Digital Analyst Highlights Growth in Nearline Drive and NAND Market Recovery, Upgrades Stock
Portfolio Pulse from Anusuya Lahiri
Benchmark analyst Mark Miller upgraded Western Digital Corp (NASDAQ:WDC) from Hold to Buy with a $85 price target, citing significant upside results from improving flash pricing and nearline drive sales. Miller projects fiscal 2025 adjusted EPS of $6.84 on sales of $16.5 billion, highlighting improvements in NAND pricing, Nearline sales, and strong quarterly performance. Western Digital's stock has gained over 113% in the last 12 months. Investors can also gain exposure to WDC through IShares Future Cloud 5G And Tech ETF (NYSE:IDAT) and Columbia ETF Trust I Columbia Seligman Semiconductor And Technology ETF (NYSE:SEMI).
April 26, 2024 | 6:25 pm
News sentiment analysis
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POSITIVE IMPACT
IShares Future Cloud 5G And Tech ETF (IDAT) offers exposure to Western Digital, which has seen significant growth and positive analyst outlook.
As IDAT includes Western Digital in its holdings, the positive outlook and growth of WDC are likely to contribute positively to IDAT's performance.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Columbia ETF Trust I Columbia Seligman Semiconductor And Technology ETF (SEMI) provides investment exposure to Western Digital, benefiting from its market performance and analyst upgrades.
Given SEMI's exposure to Western Digital, the company's positive performance and analyst upgrade are likely to have a favorable impact on SEMI's valuation.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Western Digital upgraded to Buy by Benchmark with a $85 price target, driven by strong performance in flash pricing and nearline drive sales, projecting significant growth.
The upgrade by Benchmark, based on strong financial performance and growth prospects in key markets, is likely to positively influence investor sentiment and stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100