. ** Shares of memory chip maker Western Digital up 1.3% at $70.30 premarket after beating Q3 profit estimates
** WDC's Q3 revenue rose 23% from a year earlier to $3.46 bln, topping estimates of $3.36 bln, per LSEG data
** Co also reported adj. EPS of 63 cents/shr, beating estimates of 21 cents, per LSEG data
** WDC rides on a surge in demand for its data storage products from cloud service providers
** Co's upbeat results are a latest sign that demand for memory chips is improving
** WDC forecast Q4 revenue between $3.60 bln-$3.80 bln, in line with analysts' estimate of $3.69 bln - LSEG
** Morningstar increased their fair value estimate to $51 from $42 and notes WDC's profitability was "nothing short of impressive in the quarter"
**Brokerage Morningstar also expects "higher profitability in the coming quarters along with strong revenue growth as the firm recovers from the steep market downturn in 2023"
** WDC's stock was up 32.5% YTD as of last close
(Reporting by Pranav Kashyap in Bengaluru)
((Pranav.Kashyap@thomsonreuters.com;))
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