Western Digital's stock soared 5.02% in pre-market trading on Thursday, following positive momentum in the storage sector.
The surge appears to be driven by peer Seagate Technology's strong quarterly earnings beat, which has lifted sentiment across storage chip stocks. Industry data also projects a significant 70% to 75% quarter-over-quarter increase in Q2 NAND flash contract prices, indicating persistent supply tightness that benefits companies like Western Digital.
Additionally, several analysts have recently revised their price targets upward for Western Digital ahead of its own quarterly earnings report, citing AI-driven data center demand and a supportive backdrop for high-capacity storage. The company is expected to report higher earnings for its third quarter compared to the year-ago period.
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