Stock Track | Western Digital Soars 5.19% Intraday on Morgan Stanley's Bullish Report and Raised Price Target

Stock Track04-08 08:19

Western Digital's stock surged 5.19% during the trading session, driven by a highly optimistic research report from Morgan Stanley that highlighted the company's strong fundamentals and raised its price target.

The investment firm reaffirmed its Overweight rating on Western Digital and increased its price target from $369 to $380, citing unprecedented strength in demand and pricing within the hard disk drive market. Morgan Stanley's analysis indicates supply shortages are expected to persist for several years, with Western Digital positioned as deeply undervalued relative to its earnings potential.

According to the report, the HDD market structure remains favorable 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 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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