Western Digital Corp. (WDC) PT Raised to $80 at Mizuho

Mizuho analyst Vijay Rakesh raised the price target on Western Digital Corp. (NASDAQ: WDC) to $80.00 (from $66.00) while maintaining a Buy rating.

The analyst comments "WDC - Maintain BUY, Raising Ests/PT to $80 (prior: $66) as we see pricing tailwinds while the NAND spinoff could unlock value. Maintain MarQ at $3.3B/$0.05 (cons. $3.3B/$0.13), while raising F24E from $12.7B/ ($2.00) to $12.8B/($1.58) (cons. $12.4B/($1.55), F25E from $16.3B/$4.84 to $17.1B/$6.56 (cons. $16.2B/$5.85), and F26E from $18.2B/$6.48 to $18.3B/ $6.82 (cons. $17.5B/$6.03). Reiterating Buy, Raising PT to $80 (prior: $66), ~1.5x our F25E(Jun) P/S (prior ~1.3x) and conservative to peer STX at ~2.2x, WITH NAND tailwind, still conservative versus a spinoff sum-of-parts valuation of ~$85."

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