Stock Market News

Too early to build a position in Western Digital, Benchmark reiterates Hold rating

2023.04.05 00:13


© Reuters Too early to build a position in Western Digital, Benchmark reiterates Hold rating

By Davit Kirakosyan 

Benchmark reiterated its Hold rating on Western Digital (NASDAQ:). Although the company reported negative gross margins and projected another major loss this quarter, some investors found hope in Micron Technology’s (NASDAQ:) Q2/23 report of improving inventories in certain end markets and the prospect of a better supply-demand balance.

While relevant to Western Digital, Benchmark does not recommend taking a more aggressive stance on the shares at this time.

The consensus 2024 non-GAAP earnings estimate for Western Digital has decreased by $0.40 in the last 30 days, settling at $1.26 per diluted share. Benchmark anticipates continued losses for the company throughout 2024 due to the significant decline in NAND pricing and high levels of NAND inventory, both of which are several quarters away from being healthy.

Shares fell yesterday/today after the company reported a network security incident that disrupted its business operations.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 69,303.57 0.23%
ethereum
Ethereum (ETH) $ 2,483.88 0.61%
tether
Tether (USDT) $ 0.99968 0.20%
bnb
BNB (BNB) $ 564.84 0.83%
solana
Solana (SOL) $ 163.32 1.32%
usd-coin
USDC (USDC) $ 1.00 0.23%
xrp
XRP (XRP) $ 0.509999 1.17%
staked-ether
Lido Staked Ether (STETH) $ 2,482.76 0.71%
dogecoin
Dogecoin (DOGE) $ 0.156808 2.10%
tron
TRON (TRX) $ 0.166229 0.26%
cardano
Cardano (ADA) $ 0.352503 0.17%
the-open-network
Toncoin (TON) $ 4.88 0.11%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,940.09 1.87%
shiba-inu
Shiba Inu (SHIB) $ 0.000017 1.03%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 69,212.54 0.60%
avalanche-2
Avalanche (AVAX) $ 24.18 2.81%
weth
WETH (WETH) $ 2,485.66 0.71%
chainlink
Chainlink (LINK) $ 11.15 1.40%
bitcoin-cash
Bitcoin Cash (BCH) $ 343.59 0.94%
usds
USDS (USDS) $ 1.00 0.10%
leo-token
LEO Token (LEO) $ 6.08 0.01%
polkadot
Polkadot (DOT) $ 3.85 1.05%
sui
Sui (SUI) $ 1.91 3.56%
litecoin
Litecoin (LTC) $ 69.33 0.61%
near
NEAR Protocol (NEAR) $ 3.87 2.43%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,613.62 0.58%
aptos
Aptos (APT) $ 8.62 1.89%
uniswap
Uniswap (UNI) $ 7.32 6.07%
pepe
Pepe (PEPE) $ 0.000009 3.29%
internet-computer
Internet Computer (ICP) $ 7.64 2.39%
dai
Dai (DAI) $ 0.999758 0.10%
bittensor
Bittensor (TAO) $ 439.70 4.45%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.17 5.62%
monero
Monero (XMR) $ 154.94 0.81%
kaspa
Kaspa (KAS) $ 0.112368 4.15%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.03%
stellar
Stellar (XLM) $ 0.091858 0.66%
whitebit
WhiteBIT Coin (WBT) $ 18.93 0.15%
ethereum-classic
Ethereum Classic (ETC) $ 18.06 2.52%
first-digital-usd
First Digital USD (FDUSD) $ 0.999136 0.79%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.313052 0.73%
blockstack
Stacks (STX) $ 1.57 1.24%
okb
OKB (OKB) $ 37.77 1.23%
dogwifcoin
dogwifhat (WIF) $ 2.13 6.99%
aave
Aave (AAVE) $ 137.55 2.61%
filecoin
Filecoin (FIL) $ 3.42 1.24%
arbitrum
Arbitrum (ARB) $ 0.508916 2.70%
crypto-com-chain
Cronos (CRO) $ 0.072556 0.14%
mantle
Mantle (MNT) $ 0.569158 1.11%
celestia
Celestia (TIA) $ 4.63 0.78%