This Analyst Is Bearish on Western Digital and Sees Downside.

Benchmark Analyst Mark Miller maintained an Sell rating Western Digital Corp (NASDAQ: WDC) with a $28 price target.
Miller spoke with WDC management via conference call. He remains concerned about the impact of the down cycle on Western Digital’s balance sheet.
The overall industry remains rational in its supply.
Samsung Electronics Co, Ltd (OTC: SSNLFTo replace NAND supply, ) continues to invest outside of China in NAND. Apple Inc (NASDAQ: AAPL) due to U.S. restrictions on YMTC.
NAND pricing is still difficult, but it will be easier to price this quarter than in September.
Western Digital has not yet seen it but there may be pockets in the market with irrational prices.
Western Digital’s hyper-scale customers are going through a digestion period that could last multiple quarters.
Western Digital and Kioxia collaborated to determine wafer starting and spending.
The recent cut in HDD client pricing will not have an impact on head development. In general, the near-line pricing for HDDs has been good.
Western Digital has cut its FY23 planned capex expenditure by 20% to 25%
Repayment of $1.1 billion due in debt in 2024 is possible.
Price Action WDC shares fell by 0.51% to $32.05 at the last check Friday.

Date	Firm	Take Action	To
Mar 2022	Stifel	Continue to	Buy
Jan 2022	Mizuho	Continue to	Buy
Jan 2022	Barclays	Continue to	Equal-Weight

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