Stock Track | Western Digital Soars 5.14% After-Hours on Morgan Stanley's Bullish Report and Price Target Hike

Stock Track04-08 06:59

Western Digital's stock surged 5.14% in after-hours trading following a highly optimistic research report from Morgan Stanley that highlighted the company's strong position in the hard disk drive market and raised its price target.

Morgan Stanley reaffirmed its Overweight rating on Western Digital and increased its price target from $369 to $380, with a bull case scenario of $519. The firm's analysis indicates that demand and pricing in the HDD market are experiencing unprecedented strength, with supply shortages expected to persist until 2028. Western Digital is seen as deeply undervalued, trading at just 13-14 times projected 2027 earnings per share, while Morgan Stanley's EPS estimates are 25%-50% above Street consensus.

The report emphasized that the HDD market structure is superior with only three major players and no new greenfield capacity being added. Morgan Stanley projects that HDD suppliers are negotiating procurement orders with major hyperscale cloud customers for 2027/2028 at prices approximately 30% above current assumptions, which should drive Western Digital's gross margins into the mid-to-high 50% range by early 2027.

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