Kioxia, SanDisk filings illustrate value of Western Digital split, says Wedbush

Wedbush notes that in the past two weeks Kioxia filed for an IPO and SanDisk released its 10-12B, telling investors that data from these filings gives better insight into the financials of SanDisk and WD post-split and how the separate companies might be valued. Valuing SanDisk as a standalone entity creates value and WD’s HDD business should be valued at about $20B-plus, yielding a total valuation for the combined parts of Western Digital (WDC) of at least $30B, argues the analyst, who reiterates an Outperform rating and $95 price target and contends that Western Digital “fully deserves its position on Wedbush’s Best Ideas List.”