Western Digital price target raised to $78 from $70 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Western Digital (WDC) to $78 from $70 and keeps an Overweight rating on the shares following meetings with management. The firm is raising its EPS view by up to 10% in the outer years to reflect more confidence in Western Digital’s competitive positioning within HDDs, stronger gross margins, earlier-than-expected capital returns and near-term delevering, the analyst tells investors.

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