Analysts Lift Western Digital Targets to $900 as Storage Demand Outruns Supply

Overview

• Bank of America raised its price target on Western Digital to $732 on July 1 while Cantor Fitzgerald pushed its target to $900 on June 29, and both firms kept bullish ratings citing demand that exceeds current HDD supply.
• Western Digital’s April quarter beat expectations with EPS of $2.72 and $3.34 billion in revenue, and the company raised its quarterly dividend to $0.15, moves analysts say underpin the upgraded outlook.
• Analysts point to exabyte‑scale growth from AI infrastructure and hyperscaler data centers as the structural driver that is tightening capacity and supporting higher drive prices.
• Heavy institutional ownership—about 92.5% of shares with BlackRock holding roughly 10.38%—combined with recent share issuance and insider selling is increasing short‑term volatility and is a key downside risk.
• The bullish case depends on Western Digital’s ability to scale next‑generation high‑capacity drives and on long industry lead times for adding factory capacity, so investors should watch product execution, supply timelines, and pricing trends for signs the cycle is durable.