Analysts Cut Western Digital Price Target Post Q2 Results

Analysts lowered their price targets on Western Digital Corp WDC following Q2 FY22 results.
Deutsche Bank analyst Sidney Ho lowered the price target to $70 from $81 (40% upside) and kept a Buy.
The company's guidance was once again below Street estimates, but it remains positioned for a second-half recovery.
The analyst believes the stock's risk/reward is attractive.
Citi analyst Jim Suva reduced the price target to $75 from $80 (50% upside) and kept a Buy.
The analyst says the company's good December results will be overshadowed by the disappointing outlook where sales are 4% and earnings 15% below consensus.
The next catalyst for the stock will be the new CFO strategy communications, which hopefully gains investor credibility.
Barclays analyst Tom O'Malley lowered the price target to $60 from $65 (20% upside) and kept an Equal Weight.
The company announced a material reset on gross margin as component issues and pricing weighs across hard disk drives and flash.
Cowen slashed the Western Digital price target to $60 from $70.
Mizuho analyst Vijay Rakesh cut the Western Digital price target to $78 from $83 (56% upside) and reiterated a Buy.
Price Action: WDC shares traded lower by 7.23% at $49.95 on the last check Friday.

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