Western Digital Corporation (NASDAQ: WDC ) has declined 1.4% as of 11:32 AM ET after the San Jose, California-based manufacturer of hard drives, USB drives, and memory cards was downgraded from a Positive to a Neutral rating by Mehdi Hosseini at Susquehanna. The analyst slashed the target price on Western Digital Corporation (NASDAQ:WDC) from $80 to $50. This provides a potential upside of only 5.2% from the last closing price. Hosseini anticipates the shipments for near-line hard disks to rise in the second half of this year and the selling prices of NAND to bounce back in the short term. However, the point of concern is the expected weaker demand in the cloud space in 2023. Hosseini sees a 30% downside to the analysts' earnings estimates for 2023. Overall, 50 hedge funds were invested in Western Digital Corporation (NASDAQ:WDC) as of Q4 2021. Lyrical Asset Management was long over 3.9 million shares of Western Digital Corporation (NASDAQ:WDC) during the fourth quarter. 7.