Evercore ISI analyst Amit Daryanani notes that Western Digital’s (WDC) CEO David Goeckeler and CFO Wissam Jabre spoke earlier today at a competitor conference and updated on intra-quarter trends, notably calling out flash pricing has experienced greater headwinds as the quarter progressed compared to expectations coming into the quarter. The firm, which thinks the stock is reacting primarily to these comments, says concerns around pricing, particularly in the flash side, will “add to the bear’s thesis of a peak in the flash market.” Evercore has an Outperform rating and $85 price target on Western Digital shares, which are down $3.91, or nearly 6%, to $65.99 in afternoon trading.
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Read More on WDC:
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
