Benchmark downgrades Western Digital on growing FY25 concerns [Yahoo! Finance]
Western Digital Corporation (WDC)
Last western digital corporation earnings: 4/30 04:01 pm
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Source: Yahoo! Finance
on Thursday, citing mounting challenges that could impact the company's fiscal 2025 performance. The firm highlights softening NAND pricing, weaker demand, and a shrinking market share as key concerns. “We see a growing number of concerns for Western Digital,” Benchmark stated, pointing to “softening NAND pricing driven by customer inventory adjustments in consumer markets” and ongoing slowness in industrial and automotive NAND demand. These pressures have led the firm to lower its FY25 forecast from $8.16 to $7.57 in non-GAAP net income per diluted share, with expected sales reduced from $17.4 billion to $16.7 billion. “At a recent investor conference, CEO David Goeckeler indicated the firm was seeing more pricing headwinds than previously anticipated with these headwinds expected to continue in the next quarter,” said Benchmark. Compounding these issues is weak guidance from competitor Micron Technology (NASDAQ:MU), which recently reported a sequential decline in NAND aver
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News
- Western Digital Co. (NASDAQ: WDC) had its price target lowered by analysts at Morgan Stanley from $100.00 to $93.00. They now have an "overweight" rating on the stock.MarketBeat
- Western Digital Co. (NASDAQ: WDC) was downgraded by analysts at Benchmark Co. from a "buy" rating to a "hold" rating.MarketBeat
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WDC
Earnings
- 10/24/24 - Beat
WDC
Sec Filings
- 12/13/24 - Form 8-K
- 12/2/24 - Form 4
- 12/2/24 - Form 4
- WDC's page on the SEC website