Bernstein upgrades Western Digital on attractive entry post selloff

Bernstein upgraded Western Digital (WDC) to Outperform from Market Perform with a price target of $340, up from $170. Memory and hard disk drive stocks have sold off significantly on concerns around Google’s TurboQuant report, the analyst tells investors in a research note. Bernstein, however, believes TurboQuant should have “zero impact” on hard disk drive demand and “negligible impact” on NAND demand. The selloff creates an attractive point for Western Digital, contends the firm. Bernstein says Western Digital’s innovation day suggested a solid product roadmap.

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