Movement Alert｜Western Digital Rises 3.34% Overnight, Multiple Major Banks Raise Target Prices as Storage Sector Sentiment Recovers-To The Moon - Tiger Brokers Online Investing Community

Movement Alert｜Western Digital Rises 3.34% Overnight, Multiple Major Banks Raise Target Prices as Storage Sector Sentiment Recovers

Market Focus06-10

On June 10, Western Digital rose 3.34% overnight, trading at $535.00/share. The stock gained momentum as multiple investment banks issued upgraded price targets and broader storage sector fears subsided following key clarifications from NVIDIA leadership.

On the news front, several major banks recently raised their target prices on Western Digital in rapid succession: Mizuho lifted its target from $550 to $685 while maintaining an Outperform rating; Citi raised its target from $500 to $685, maintaining a Buy rating; and Barclays raised its target to $620, maintaining an Overweight rating. Separately, NVIDIA CEO Jensen Huang personally denied earlier rumors that memory configurations on the Rubin platform would be cut, significantly relieving panic across the storage sector. Huang further stated that storage supply shortages will persist for several years, while Mizuho analysts noted that AI will continue to drive supply-demand imbalances in the storage market, projecting DRAM wafer starts to grow 10% and 6% year-over-year over the next two years respectively. Additionally, Western Digital announced it will exchange approximately 21.3 million shares with certain holders of its 3.00% convertible senior notes due 2028. Peer stocks SanDisk and Seagate Technology also posted concurrent rebounds.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

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Movement Alert｜Western Digital Rises 3.34% Overnight, Multiple Major Banks Raise Target Prices as Storage Sector Sentiment Recovers

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