Western Digital: Don't Get Fooled By The Cycle

2026-03-05 10:18:06 ET

Introduction

Since my last analysis on Western Digital ( WDC ), where I gave the company a Sell rating, it has remained relatively flat, with only a slight share appreciation of 3%. In fairness, I’ll say that the company delivered a strong set of Q2 FY2026 earnings that further cemented its position as the pure-play king of enterprise storage. But despite the impressive numbers, I believe that the underlying dynamics of my bearish thesis have not fundamentally changed, and, if anything, the risk-reward has gotten worse....

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