From Dow Jones & Company:

Morgan Stanley analyst Joseph Moore swaps Nvidia for Western Digital Corp. as top chip pick. Moore anticipates a 25% upside in Western Digital shares amid potential for value from an upcoming asset separation. He notes improved NAND memory trends as a tailwind for the company and increases his price target on the stock to $73 from $52, representing 27% upside from Monday’s midday levels. While Moore still likes Nvidia, he points out a strong stock rally with potential headwinds to AI stocks. Specifically, he highlights a 22% Nvidia rally over the last month and potential AI allocation headwinds in the second half of 2024.



Read more: Nvidia is no longer Morgan Stanley’s top chip pick. A much different name is.