12:55 PM EDT, 04/26/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lift our 12-month target to $82 from $72 on a P/E of 11x our CY 25 EPS view of $7.44, within historical forward averages. We lift our FY 24 LPS estimate to -$0.77 from -$1.48 and FY 25's to $7.07 from $5.97. WDC posted Q3 EPS of $0.63 vs. -$1.37, beating consensus by $0.48. Revenue surged 24% to $3.46B, led by strong growth in the Cloud (+29%), Client (+20%), and Consumer (+17%) segments. Flash business revenue was up 30% on higher bit shipments and better average selling prices (ASPs; +18%) across both blended and like-for-like bases. HDD also saw healthy growth (+17%) with total exabyte shipments and ASP/unit up 25% and 33%, respectively. We are encouraged by strong top-line growth and positive pricing dynamics, which should support continued margin recovery. Looking ahead, we see potential catalysts from cloud capex demand, a client/consumer device refresh cycle, and accelerating content growth in PCs/smartphones. We keep our Buy rating as the split of WDC's HDD/flash businesses is on track for 2H 24.