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Technology Stocks : WDC, NAND, NVM, enterprise storage systems, etc.
SNDK 239.51+15.3%Nov 7 9:30 AM EST
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From: Sam3/5/2021 8:53:55 AM
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Western Digital upgraded at Goldman ahead of NAND pricing growth
Mar. 05, 2021 8:16 AM ET Western Digital Corporation (WDC) By: Brandy Betz, SA News Editor 1 Comment
  • With an improved view on NAND pricing, Goldman Sachs analyst Mark Delaney upgrades Western Digital (NASDAQ: WDC) from Neutral to Buy with an $85 price target, up from $102 and implying a 22% upside.
  • Delaney: "We increase our DRAM and NAND ASP assumptions following recent industry checks that point to an improved demand backdrop and continued supply-side discipline.
  • "The firm's checks show NAND supply/demand has improved with WDC a "major beneficiary" since NAND contributes toward 52% of its trailing 12 month revenue
  • NAND ASPs are forecast for a flattish Q/Q performance in calendar Q2 due to the tightening supply/demand dynamics but should increase sequentially in Q3 and Q4.
  • Delaney also outlines that the firm's checks show improved DRAM supply/demand dynamics since the last earnings update. Enterprise demand still seems muted but "essentially every other key end-market" has stayed robust or strengthened.
  • Note that the DRAM checks are positive for Western Digital's NAND competitor Micron (NASDAQ: MU).
    • Western Digital shares are up 2.9% pre-market to $65.35. Micron is up 1% to $85.14.

    Earlier this week, TrendForce reported that NAND bit shipments are growing in Q1 while prices drop.


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