Argus raised the firm’s price target on Western Digital to $88 from $68 and keeps a Buy rating on the shares. The company posted above-consensus revenue and profits for Q3 of FY24, delivering its first non-GAAP profitable quarter since Q1 of FY24, the analyst tells investors in a research note. Memory and data storage demand in the enterprise and cloud markets appears to be recovering ahead of schedule, which positions Western Digital for strong top- and bottom-line growth in Q4 and well into FY25, the firm added.
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