Western Digital Corp shares jumped 8.5% in after-hours trading Wednesday, building on gains from earlier in the day. Several brokerages raised their price targets ahead of the data storage company’s quarterly earnings. The stock climbed $18.92 to $241.90, after fluctuating between $226.31 and $246.60 during regular hours.
This rally hits a crucial point as Western Digital gears up to release its earnings next week. The company must prove that pricing and demand remain steady in its core hard-disk drive segment. Western Digital plans to announce its fiscal second-quarter results after the market closes on Jan. 29
Rosenblatt’s Kevin Cassidy bumped his price target on Western Digital to $270 from $165, maintaining a buy rating, according to TipRanks. He highlighted rising hard disk drive prices and demand as key drivers. Cassidy also noted the company’s build-to-order strategy, which helps manage inventory more tightly. Additionally, he flagged potential upside from drive approvals linked to HAMR, the heat-assisted recording tech that boosts capacity.
