In a report released yesterday, Aaron Rakers from Wells Fargo reiterated a Buy rating on Western Digital, with a price target of $95.00.
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Aaron Rakers has given his Buy rating due to a combination of factors that highlight Western Digital’s strong market position and promising future prospects. The company’s recent quarterly results and forward guidance exceeded expectations, reinforcing confidence in its growth trajectory. Notably, Western Digital has shown significant progress in its nearline business, with shipment volumes surpassing estimates, indicating a competitive edge over rivals.
Furthermore, the company’s strategic initiatives, such as advancements in HAMR technology and the expansion of UltraSMR, are expected to drive future growth and profitability. The updated long-term model projects robust revenue growth in the mid-teens percentage range, supported by favorable pricing dynamics and operational efficiencies. These factors, coupled with a positive demand outlook from major cloud customers, underpin the increased price target and the Buy recommendation.
In another report released today, Citi also maintained a Buy rating on the stock with a $88.00 price target.
WDC’s price has also changed slightly for the past six months – from $65.780 to $71.430, which is a 8.59% increase.