Shares of Western Digital Corp WDC ascended in the early hours of Tuesday’s trading session, following revisions by top analysts in the sector.
The forecast for the San Jose, California-based company’s fiscal second-quarter results is expected to align with the high end of guidance. This projection is substantiated by the surprisingly rapid improvement in NAND pricing since October, as per Deutsche Bank.
The Western Digital Analyst: Sidney Ho upgraded the rating for Western Digital from Hold to Buy, while raising the price target from $45 to $65.
The Western Digital Thesis: No regulatory approval is required for the company’s spin-off of its Flash business, which is likely to be completed as planned in the back half of 2024, Ho said in the upgrade note.
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The analyst raised Western Digital’s earnings estimates for the fiscal second and third quarters from -$1.20 per share to -$1.05 per share (versus the guidance range of -$1.20 +/-$0.15) and from -76 cents per share to -34 cents per share, respectively.
WDC Price Action: Shares of Western Digital had risen by 4.19% to $52.10 at the time of publication Tuesday.
Now Read: 10 Analysts Assess Western Digital — What You Need To Know
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