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Goldman Sachs lowers Western Digital's price target to $540 due to concerns over HDD capacity expansion weighing on valuation, favors Seagate
Goldman Sachs issued a research report on October 22, maintaining a "Neutral" rating on Western Digital (WDC) and lowering its 12-month price target from $615 to $540. Although Western Digital's Q3 fiscal results and next-quarter guidance significantly exceeded market expectations, Goldman Sachs believes that the potential HDD capacity expansion by competitors (which Goldman Sachs identifies as Toshiba) will exert long-term pressure on the sector's valuation multiples. Goldman Sachs also reiterated its relative preference for Seagate, which has a "Buy" rating, citing Seagate's smoother progress in HAMR technology transition and stronger pricing momentum.
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Disclaimer: This content reflects the author's personal views only and does not constitute investment advice.
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