Western Digital Shares Jump Despite Revenue Miss, Ready To Spin Off NAND Business: Q4 Guidance 'Much Better Than Feared,' Analyst Says
Western Digital Shares Jump Despite Revenue Miss, Ready To Spin Off NAND Business: Q4 Guidance 'Much Better Than Feared,' Analyst Says
Shares of Western Digital Corp (NASDAQ:WDC) were spiking in early trading on Friday, after the company reported upbeat fiscal first-quarter earnings.
西部數據公司（納斯達克：WDC）的股票在週五早盤交易中飆升，此前該公司報告了樂觀的財季第一季度收益。
The company reported its results amid an exciting earnings season. Here are some key analyst takeaways.
公司在一個令人興奮的盈利季節中報告了其業績。以下是一些關鍵的分析師觀點。
- Cantor Fitzgerald analyst C.J. Muse maintained an Overweight rating, while lifting the price target from $80 to $95.
- Benchmark analyst Mark Miller reiterated a Buy rating and price target of $92.
- RBC Capital Markets analyst Matt Bryson reaffirmed an Outperform rating and price target of $95.
- 康泰納菲分析師C.J. Muse維持超重評級，將目標股價從80美元提高至95美元。
- Benchmark分析師Mark Miller重申買入評級，並將目標股價設定爲92美元。
- RBC資本市場分析師Matt Bryson重申跑贏市場評級，並將目標股價設定爲95美元。
Check out other analyst stock ratings.
查看其他分析師的股票評級。
Cantor Fitzgerald: Western Digital reported revenues of $4.10 billion, up 49% year-on-year, but missing consensus of $4.12 billion, Muse said in a note. Earnings came in at $1.78 per share, surpassing Street expectations of $1.71 per share, he added.
康泰納菲：西部數據報告的營收爲41億美元，同比增長49％，但落後於41.2億美元的共識，Muse在備忘錄中表示。每股收益爲1.78美元，超過了1.71美元的街頭預期，他補充道。
Management's guidance for the fourth quarter was "much better than feared," the analyst stated. "While the Gross Margin uplift story is taking a pause into the December Q, we continue to look for both HDD and NAND gross margins to continue to push higher leading to earnings power of $9+ in CY25 (cons $8.74) and $10+ in CY26 ($7.57)," he further wrote.
管理層對第四季度的指引「好於預期」，分析師表示。“儘管毛利率提升故事在12月季度略有停頓，但我們繼續期待HDD和NAND毛利率繼續上升，帶來2025年超過9美元的盈利能力（共識爲8.74美元），並在2026年超過10美元（7.57美元），“他進一步寫道。
The company's NAND spin remains on track for the first quarter of 2025, Muse added. Its estimated value as a standalone business is expected to be anywhere between $10 billion and $22 billion.
分析師Muse表示，該公司的NAND計劃仍將於2025年第一季度按計劃進行。預計作爲獨立業務的估值將在100億美元至220億美元之間。
Benchmark: Western Digital's in the data center performance continued to recover, driven by "strong demand for enterprise SSD products," Miller said. The HDD segment delivered record revenues and margins due to record data center sales, he added.
重點關注：西部數據在數據中心業績方面持續復甦，受到Miller所說的"企業SSD產品需求強勁"的推動。由於數據中心銷售創紀錄，HDD業務部門的收入和利潤率均創下歷史新高。
Western Digital's NAND market share has contracted significantly over the past three quarters, the analyst stated. "A second wave of regenerative AI is seen as an opportunity in 2HFY25," he further wrote.
分析師表示，西部數據在過去三個季度內的NAND市場份額大幅收縮。"第二波再生AI被視爲2025財年下半年的機遇"，他進一步寫道。
RBC Capital Markets: Gross margins in the HDD segment expanded by 200 bps to 38.1%, "a record level for WDC and we believe the industry," Bryson wrote. The NAND segment's gross margins improved to 38.9%, with ASPs (average selling prices) growing by 4% sequentially, he added.
RBC資本市場：HDD領域的毛利率增加了200個點子，達到38.1%，"這是WDC和我們認爲的行業的歷史最高水平"，Bryson寫道。NAND領域的毛利率提高至38.9%，平均銷售價格（ASP）按4%的速度逐步增長，他補充道。
"Guidance calls for revenues and EPS to lift Q/Q, with margins only expected to moderate slightly (down 50 bps at the midpoint of guidance)," the analyst said. Following the completion of the soft spin, Western Digital's NAND and HDD businesses are now running separately and the formal split is expected to close in the fiscal second quarter, he further stated.
"指引顯示，營收和每股收益將環比增長，利潤率預計僅會稍微下降（在指引中間點處下降50個點子）"，分析師表示。在軟分拆完成後，西部數據的NAND和HDD業務現已分開運行，正式分拆預計將在財政第二季度結束時完成，他進一步指出。
Price Action: Shares of Western Digital had risen by 8.23% to $71.78 at the time of publication on Friday.
股價走勢：在週五發佈時，西部數據的股價已經上漲了8.23%，達到71.78美元。
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譯文內容由第三人軟體翻譯。
