Analysts Raise Western Digital Price Target to $685 After Strong Quarter

Overview

• Western Digital beat expectations in its fiscal third quarter with $3.34 billion in revenue and $2.72 adjusted EPS, results that helped trigger renewed analyst optimism.
• Citi raised its 12‑month price target from $500 to $685 and kept a Buy rating, citing AI‑led demand and disciplined supply management as reasons for stronger HDD pricing.
• Mizuho followed by lifting its price target from $550 to $685 after projecting rapid growth in TPU and AI hardware demand that would increase storage needs.
• The upgrades have fueled a wider re‑rating of the stock and followed a more than 200% rally over six months, with a meaningful portion of gains coming after the Q3 report.
• Analysts and commentators still flag clear risks to the bullish case, including component and capacity constraints, competition over drive technologies, and the technical challenge of scaling 40TB‑plus designs for hyperscalers.