Western Digital price target raised to $70 from $54 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Western Digital (WDC) to $70 from $54 and keeps an Overweight rating on the shares. The firm tweaked its model, noting that assumptions “don’t materially change,” though it now incorporates higher buybacks after last week’s $2B authorization announcement. Seagate’s (STX) analyst day implies some risk to Western Digital market share in calendar year 2026 if 40TB HAMR ramps on-schedule, which is a key factor to watch, but the broader trend of data growth will benefit Western Digital as well and the company remains well-positioned to capitalize on the “once-in-a-generation Data Center build-out” despite lagging technology, the analyst tells investors.