Western Digital's board authorized an additional $4 billion for share repurchases, though the stock is trading down 5.70% pre-market, reflecting broader tech sector volatility despite the aggressive financial commitment.
- Mizuho responded to the news by raising its price target to $340 (from $325), maintaining an Outperform rating.
- The authorization supplements positive sentiment generated by the recent Innovation Day, recognizing WD's alignment with the AI-driven data economy.