Western Digital Corporation’s Q4 Earnings Preview

Deutsche Bank analysts shared their outlook on Western Digital Corporation’s (NASDAQ:WDC) upcoming Q4 earnings results, lowering their 2022/2023 EPS estimates to $6.60/$7.75 from $8.00/$9.00, below Street estimates of $7.64/$8.60.

The primary reason for this downward revision is weaker flash demand/pricing, but the analysts also see some HDD weakness as cloud and enterprise spending will likely turn more cautious.

The analysts lowered their price target on the company’s shares to $64 from $72, but reiterated their buy rating.