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.
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.
"Of particular concern to us is that WDC now expects its free cash to be negative in FY23 (ending June 2023)," Ho wrote.