Western Digital's (WDC) SanDisk valuation is unlikely to change following an investor presentation, Wedbush Securities said in a note Wednesday.
"We don't think yesterday's investor presentation is necessarily going to change investor's minds on SanDisk," the report said.
Wedbush analysts Matt Bryson and Antoine Legault said in the note that they saw no reason to shift their conclusion that base valuation for SanDisk is at least $7 billion to $8 billion.
They pointed to SanDisk suggesting replacement cost of its assets to be between $15 billion and $20 billion, which would be enough "to lift the combined value of WDC and SDNK post split."
The analysts also said they expect industry conditions to improve through 2025 into 2026, creating the potential a better outlook that will result in SanDisk's market value growing beyond a presumed base valuation.
Wedbush kept its outperform rating and $95 price target.
Price: 66.91, Change: -2.02, Percent Change: -2.92
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