Wedbush Securities raised its price target on Western Digital (WDC) to $650 from $540. The firm maintained an Overweight rating on the stock. This update precedes WDC's quarterly earnings report on August 5.
Analyst Matt Bryson anticipates WDC will report results above consensus estimates. He cites expectations for a conservative gross margin guide from the company. This could allow for an earnings beat.
Bryson also raised the price target for competitor Seagate Technologies. He noted similar positive sentiment for the storage sector.
Western Digital's stock increased in pre-market trading on Monday. This rise was primarily due to a broader rally in technology stocks. The analyst's upgraded price target did not solely drive the increase.