Mizuho Bumps Up Western Digital Price Target By 36% On Improving Demand Trends From Amazon, Google

Benzinga2021-11-23
  • Mizuho analyst Vijay Rakesh upgraded Western Digital Corp to Buy from Neutral with a price target of $75, up from $55, implying a 31.7% upside.
  • Recent checks indicate demand is improving across the PC, server, and handset markets, Rakesh notes.
  • The analyst believes server demand could improve in Q1 of 2022 with Amazon.com Inc and Alphabet Inc Google orders returning despite less than ten weeks of DRAM inventory.
  • He sees improving demand trends and a "tailwind" for memory.
  • Western Digital is a vertically-integrated supplier of data storage solutions, spanning both hard disk drives (HDDs) and solid-state drives (SSDs).
  • Price Action:WDC shares traded higher by 2.39% at $58.29 in the premarket session on the last check Tuesday.
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