It's time to move to the sidelines on Western Digital , according to Deutsche Bank. Analyst Sidney Ho downgraded shares to hold from buy, citing weak demand ahead. The analyst also lowered her price target on the stock to $40 from $56. The new target implies upside of roughly 9% from Monday's close.
Western Digital is down nearly 44% this year, and about 47% off its 52-week high, as the data storage manufacturer contended with softening demand and supply chain issues. The analyst expects those concerns will continue heading into the holiday season, citing checks with the supply chain that pointed to further headwinds. Ho recommends investors hold off on the stock until supply-demand balance returns.
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