Raymond James analyst Srini Pajjuri initiated coverage of Western Digital with an Outperform rating and $46 price target. The stock has rallied on recovery hopes as well as speculation regarding a potential separation/sale of NAND business the analyst tells investors in a research note. However, Western Digital’s valuation is still attractive, and leaves room for the stock to continue to outperform on cyclical recovery alone, contends the firm. In addition, a potential separation could unlock 30% upside, it adds.
Published first on TheFly
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