Western Digital Shares Rise on Price Target Upgrade
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 3 days ago
0mins
Source: seekingalpha
Western Digital Corp shares increased by 3.03% in pre-market trading, reaching a 52-week high.
The rise in stock price is attributed to Evercore raising Western Digital's price target from $550 to $575, reflecting analysts' optimistic outlook on the company's future performance. Analyst Amit Daryanani emphasized the critical role of the HDD industry in AI infrastructure development, with expected sales growth rates exceeding 20% and EPS CAGR surpassing 30%. This positive sentiment is expected to attract more investor attention and boost confidence in the company's growth potential.
The upgrade in price target indicates strong investor confidence in Western Digital's ability to capitalize on market demand, particularly in the context of AI advancements, positioning the company favorably for future growth.
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Analyst Views on WDC
Wall Street analysts forecast WDC stock price to fall
19 Analyst Rating
15 Buy
4 Hold
0 Sell
Strong Buy
Current: 531.180
Low
135.00
Averages
189.74
High
250.00
Current: 531.180
Low
135.00
Averages
189.74
High
250.00
About WDC
Western Digital Corporation is a developer, manufacturer and provider of data storage devices and solutions on hard disk drives (HDD) technologies. The Company manufactures, markets, and sells data storage devices and solutions through its sales personnel, dealers, distributors, retailers, and subsidiaries. Its portfolio of technology and products addresses end markets: Cloud, Client, and Consumer. Cloud is comprised primarily of products for public or private cloud environments and enterprise customers. Through the Client end market, the Company provides its original equipment manufacturer (OEM) and channel customers with a broad array of high-performance HDD solutions across desktops and notebooks. The Consumer end market offers a range of retail and other end-user products. Its product portfolio includes Internal HDD, Data Center Drives, Data Center Platforms, External Drives, Portable Drives, network-attached storage (NAS) for Home and Office, and Accessories.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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