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Western Digital (Wdc) Shares Surge 11% After Bernstein Upgrades Rating to Outperform – Eastmud
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TLDR Bernstein upgraded Western Digital's rating from "Market Perform" to "Outperform" and doubled its price target to $340. The recent 21% pullback was due to market concerns about Google's TurboQuant compression algorithm, but Bernstein stated that the algorithm has no impact on hard drive (HDD) demand. Bernstein now expects Western Digital and Seagate's combined revenue to grow at a compound annual growth rate (CAGR) of 24% between fiscal yea…
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