The **performance** of **Western Digital Corp (WDC)** depicted a **mixed picture** in recent times, occasionally **underperforming against competitors** but also showing **strong trading days** and **daily gains**. Despite **quarterly revenue surpassing expectations**, the corporation witnessed **strong earnings growth** and a **7th straight quarter of revenue decline**.
Significantly, WDC announced its plan to **spin-off its flash memory business** to **shareholders**, a move which led the stock to **outperform competitors**. **Fiscal Q2 and Q3 results** were marked by **higher ASP**, **upbeat guidance**, and a **wider loss**, highlighting the potential impact of structural changes. **Investors** remain keenly interested, with **AGF Management Ltd., Natixis Advisors L.P., Federated Hermes Inc., and Signaturefd LLC** increasing stakes and **M&G Investment Management Ltd.** selling a chunk of shares.
Furthermore, **Citigroup and Benchmark initiated coverage** with a **Buy recommendation** while **Mizuho maintains its Buy recommendation**. Analysts are bullish after recent results, predicting a potential price target of $62.98 which indicates growth potential. On the downside, **legal chief Michael Ray** is leaving ahead of the business split.
Finally, **Western Digital** is set to participate in upcoming investor conferences and updates on the company split have been announced, with CEOs for post-split entities introduced.
Western Digital Corp WDC News Analytics from Mon, 07 Aug 2023 07:00:00 GMT to Fri, 17 May 2024 21:07:00 GMT - Rating 5 - Innovation 0 - Information 8 - Rumor -2
