Analyst Asiya Merchant of Citi maintained a Buy rating on Western Digital, boosting the price target to $88.00.
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Asiya Merchant has given her Buy rating due to a combination of factors that highlight Western Digital’s strong market position and financial performance. The company reported impressive quarterly results, surpassing market expectations in terms of revenue and earnings per share. This performance was driven by robust demand from hyperscale and cloud customers, as well as a successful transition to advanced storage technologies, which positions Western Digital well for future growth.
Moreover, Western Digital’s strategic initiatives, such as long-term agreements with key customers and efforts to reduce debt while initiating share buybacks, demonstrate a commitment to enhancing shareholder value. The company’s ability to generate strong free cash flow supports these initiatives, further reinforcing the positive outlook. As a result, Asiya Merchant has revised the target price upward, reflecting confidence in Western Digital’s continued momentum and potential for substantial returns.
In another report released yesterday, Robert W. Baird also maintained a Buy rating on the stock with a $97.00 price target.