Wells Fargo raised its Western Digital (WDC) price target to $730 from $575 while maintaining an Overweight rating. Analysts expect enterprise business growth to accelerate through 2027 and 2028. Reaffirmed purchase agreements with major cloud service providers now extend to 2030 and beyond.
The company is expanding its Heat-Assisted Magnetic Recording (HAMR) technology to meet rising AI and cloud storage demands.
Western Digital shares fell 2.8% in premarket trading despite the bullish outlook. This decline followed broader market pressures from geopolitical tensions in the Middle East. Investors also engaged in profit-taking ahead of the SK Hynix U.S. listing.