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Technology Stocks : WDC, NAND, NVM, enterprise storage systems, etc.
SNDK 268.03+11.9%3:59 PM EST
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From: Sam10/28/2020 2:39:46 PM
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Western Digital to Fall Well Below Fiscal Q1 Consensus, Guidance Likely to Reflect NAND Weakness, Says Morgan Stanley
MT NEWSWIRES 2:37 PM ET 10/28/2020

Symbol Last Price Change
WDC 39.22 -1.1 (-2.7282%)
QUOTES AS OF 02:38:19 PM ET 10/28/2020


02:37 PM EDT, 10/28/2020 (MT Newswires) -- Western Digital(WDC) results are likely to fall below fiscal Q1 consensus estimates, with some analyst previews "too optimistic," according to Morgan Stanley.

The firm said in a note to clients that the company is likely to post guidance that reflects NAND weakness, which would likely have similar trajectory as DRAM -- weak for one to two quarters before recovering.

On the hard disk drive side, meanwhile, the firm believes volumes will remain relatively soft but may start becoming more profitable in Q4, whereas challenges in Q3 such as COVID-19 that expedite the cost of ramping up the 18-terabyte hard drives ease up.

Morgan Stanley expects Western Digital(WDC) to report adjusted fiscal Q1 earnings of $0.50 per share and revenue of $3.8 billion when it releases its financials after the close of trading Wednesday. Consensus compiled by Capital IQ calls for adjusted earnings of $0.55 a share and revenue of $3.83 billion.

The firm gave Western Digital(WDC) an overweight rating with a price target of $58.50 due to improving NAND prices as demand improves and supply remains tight.

Price: 39.19, Change: -1.12, Percent Change: -2.79
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