Benchmark Upgrades Western Digital Stock on Flash Pricing, Nearline Drive Momentum

on Friday, Western Digital Corp. (NASDAQ: ) stock received a benchmark rating upgrade. The firm changed its stance from “hold” to “buy” and set a price target of $85.00. This change is attributed to positive developments in the company's business, particularly in the areas of flash memory and near-line drives.

Analysts at Benchmark highlighted that Western Digital has achieved significant ramp-up results, driven by improved flash memory pricing and strong nearline drive sales. The company expects these trends to continue, contributing to Western Digital's results in 2024.

Looking forward, Benchmark expects Western Digital to achieve non-GAAP diluted earnings per share of US$6.84 in fiscal 2025, with sales expected to reach US$16.5 billion. This forecast is based on the company's current growth trajectory and market conditions considered favorable for Western Digital's business.

The upgrade to “Buy” reflects Benchmark's confidence in Western Digital's ability to capitalize on improving NAND flash memory and near-line sales market dynamics. The new price target of $85.00 indicates the company's optimistic outlook on the value of the company's shares.

Investment Professional Insights

Western Digital Corporation (NASDAQ: WDC ) has recently come on Benchmark's radar, with a rating upgrade and a new price target, reflecting bullish sentiment for the company. To further illustrate this optimism, let's consider some of InvestingPro's key financial metrics and insights. Western Digital has a market capitalization of US$22.67 billion and is recognized as the leader in the industry. Despite facing weak challenges such as gross margin of just 14.14% for the trailing 12 months to Q3 2024, the company's price has surged 81.5% over the past 6 months, indicating strong investor confidence.

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InvestingPro Tips shows that while analysts don't expect Western Digital to make a profit this year, the company has shown strong returns over the past three months, with a total price return of 19.25%. Additionally, Western Digital's liquid assets exceed its short-term debt, which may provide a buffer against market volatility. It's worth noting that Western Digital doesn't pay dividends to shareholders, instead focusing on reinvestment and growth strategies.

For investors considering Western Digital's potential, there's more insight here at InvestingPro. The platform also offers 5 InvestingPro Tips (accessible at, which provide comprehensive analysis to guide investment decisions.Use coupon code PRONEWS24 Enjoy an additional 10% off with an annual or annual Pro and Pro+ subscription and explore a full range of insights and data tailored to Western Digital's financial landscape.

This article was generated with the support of artificial intelligence and reviewed by an editor. For more information, please see our terms and conditions.

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