Western Digital (WDC)


January 26, 2024

WDC: Demonstrates Pricing Power Inflection Point

By Steven Fox

Western Digital (WDC; $60.33; O/P) produced healthy upside to Street thinking with its FQ2 (Dec) results and outlook, which highlighted further supply discipline, incremental positives across most markets, including surprising growth in China, and solid…

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January 25, 2024

WDC: First Look at FQ2 (Dec) Results and Outlook

By Steven Fox

Western Digital (WDC; $60.33; O/P) reported FQ2 (Dec) non-GAAP EPS losses of ($0.69) ex-“one time” net charges of $0.18 per share, which compares to our ($1.15) and the Street’s ($1.12). Sales of $3.03B were above…

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November 16, 2023

WDC: Roadmap News Adds to Positive Stance on Stock

By Steven Fox

This morning, Western Digital (WDC; $46.03; O/P) announced it started volume shipments of its 10-disk 24TB conventional magnetic recording (CMR) HDDs to hyperscale and enterprise customers. At the same time, WDC disclosed it started ramping…

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October 31, 2023

WDC: Raise Rating to Outperform

By Steven Fox

We raise our rating on the shares of Western Digital (WDC; $41.80) from Equal-Weight to Outperform and establish a target of $52. We are encouraged by the formal announcement that WDC plans to spin-off its…

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August 1, 2023

WDC: More Losses to Consider

By Steven Fox

We once again reduce F2024E (Jun) EPS for Western Digital (WDC; $42.56; E/W), from a loss of ($3.90) to ($6.30) after a slightly better than expected FQ4 (Jun) was accompanied by disappointing guidance. Management seemed to…

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July 31, 2023

WDC: First Look at FQ4 (Jun) Results and Outlook

By Steven Fox

Western Digital (WDC; $42.56; E/W) reported FQ4 (Jun) non-GAAP EPS losses of ($1.98) excluding “one time” net charges of $0.29 per share, which compares to our ($2.05) and consensus of ($2.02). Sales of $2.67B were…

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May 9, 2023

WDC: More Losses Ahead

By Steven Fox

We further reduce F2023/F2024E (Jun) EPS for Western Digital (WDC; $34.18; E/W) from losses of ($3.00) and ($1.15) to ($3.65) and ($3.90) after FQ4 (Jun) targets were again below Street thinking, albeit on the heels…

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May 8, 2023

WDC: First Look at FQ3 (Mar) Results and Outlook

By Steven Fox

Western Digital (WDC; $34.24; E/W) reported FQ3 (Mar) non-GAAP EPS losses of ($1.37) ex-“one time” net charges of $0.45 per share, which compares to our ($1.60) and the Street’s ($1.57). Sales of $2.803B were above…

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April 13, 2023

WDC: Some Catch Up Estimate Cuts

By Steven Fox

We are increasing our F2023E (Jun) EPS losses for Western Digital (WDC; $37.66; E/W) from ($2.40) to ($3.00) ahead of the company’s FQ3 (Mar) results and outlook, which we assume are on deck for some…

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February 1, 2023

WDC: Profit Hole Gets Bigger

By Steven Fox

We make further cuts to F2023/F2024E (Jun) EPS for Western Digital (WDC; $43.95; E/W), from ($1.20)/$0.20 to ($2.40)/($0.40), after FQ2 (Dec) EPS, came in more or less in line with our recently reduced estimates but…

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January 5, 2023

WDC: Fundamentals Still Warrant Caution; Reducing Estimates

By Steven Fox

Last night, the shares of Western Digital (WDC; $33.05; E/W) jumped 8% after the market closed on reports that the company has re-engaged in merger talks with its NAND manufacturing joint venture partner, Kioxia Holdings,…

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October 28, 2022

WDC: Pressures Mount

By Steven Fox

We are again reducing forecasts for Western Digital (WDC; $34.34; E/W) after FQ1 (Sept) EPS missed expectations, albeit mainly for higher taxes. However, WDC also suggested it likely swings to an EPS loss in FQ2E…

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October 21, 2022

Cutting Estimates for Recent Pressures

By Steven Fox

We cut our F2023E (Jun) EPS for Western Digital (WDC; $33.47; E/W) from $1.55 to $0.55 ahead of the company’s FQ1 (Sept) results and outlook, scheduled for Thursday (10/27 before market). Our model now assumes…

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July 13, 2022

Some Interesting SEMICON Comments

By Steven Fox

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