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Technology Stocks : WDC, NAND, NVM, enterprise storage systems, etc.
SNDK 256.12-9.5%10:42 AM EST
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To: Bruno Cipolla who wrote (4189)7/24/2019 8:56:01 AM
From: Charlie Smith2 Recommendations

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Western Digital moving slightly higher pre-market after Deutsche Bank upped price target given recent 'positive developments' (55.98)
Deutsche Bank's Sidney Ho upped his price target on WDC this morning to $65 from $55 noting, "WDC's shares went through a roller coaster ride in the past few months, down -35% from the April peak and up more than +50% since mid-June. While inventory build and the Huawei ban negatively impacted the early part of C2Q, the power outage at Toshiba Memory Corp and the Huawei ban reprieve drove increasing optimism that the NAND industry will soon return to supply-demand balance. Although we see some downside to our C2Q estimates (we cut our estimates on June 3 to reflect the Huawei ban), there could be upside risks to our C3Q estimates given a better pricing environment and the resumption of shipments to Huawei. The Japan-Korea trade conflict could also limit supply growth from Korean memory suppliers, but it is too early to tell the impact. In addition, the recovery of nearline HDD appears to be on track despite some concerns of slowing enterprise spending, and we maintain our view that WDC is positioned to gain share in nearline HDD this year. We plan to review our estimates following C3Q19 guidance, but given recent positive developments, we are raising our target P/E multiple to ~11x,leading us to increase our price target to $65."

WDC is poised to release Q4 results in a calendar week (7/31); the stock sits about 0.2% higher pre-market.
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