Western Digital Corporation's stock soared 6.88% in intraday trading on Thursday, buoyed by optimism surrounding the company's growth prospects driven by rising demand for AI storage solutions.
The data storage company, which is set to split its Flash businesses by the end of February, reported mixed second-quarter results. While revenue was in line with expectations, earnings per share missed estimates due to short-term pricing challenges in its Flash business. However, the company remains confident that it will benefit from the increasing storage needs of the AI data cycle.
Analysts from Robert W. Baird, Mizuho Securities, and TD Cowen have issued Buy ratings on Western Digital, citing the company's strong performance in the hard disk drive (HDD) segment and its strategic positioning to capitalize on the growing AI data cycle. Analysts have highlighted Western Digital's cutting-edge UltraSMR technology and its ability to consistently offer customers compelling and innovative storage solutions as key strengths.
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