WDC - Why Western Digital Rallied This Week
2023-09-01 16:05:00 ET
Shares of beaten-down storage-component company Western Digital (NASDAQ: WDC) rallied this week, appreciating 17% on the week through 1:18 p.m. ET Friday, according to data from S&P Global Market Intelligence .
The maker of both hard disk drives and NAND flash memory has experienced one of the worst industry downturns in recent memory as the post-pandemic boom in consumer electronics and cloud adoption has faded, leading to a huge oversupply of storage chips on the market.
However, one analyst thinks the NAND flash cycle is finally bottoming and rated Western Digital with an "overweight" rating this week, while raising his price target on the prospects for a rebound.
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Why Western Digital Rallied This Week