Breaking News: Western Digital Stock Price Target Lowered to $80 by TD Cowen Amid Flash Business Spin-Off
In a recent report, TD Cowen has revised Western Digital Corp.'s price target to $80 from $95, maintaining a Buy rating. The adjustment comes as the company prepares for the upcoming spin-off of its Flash business. Analysts value the NAND business at $6 billion, equating to $16 per share, with potential to reach $40. The HDD business is valued between $50 and $70 per share.
The new price target represents a 25% upside from the current level, based on scenario analyses. As Western Digital undergoes changes with the spin-off, investors are closely monitoring the stock. Recent developments include Citi reducing its shares target to $85 and Western Digital registering for potential resale of shares.
Despite challenges, analysts are optimistic about Western Digital's future. The company reported strong Q4 and full-year 2024 results, with anticipated revenue growth in fiscal year 2025. InvestingPro data highlights key financial metrics and analyst expectations for investors.
In conclusion, Western Digital's strategic moves and financial performance present opportunities for investors. The upcoming spin-off and growth prospects indicate a positive outlook for the company's future. Stay tuned for more insights and analysis on Western Digital's market potential post-spin-off.