Western Digital Gets Fresh Price-Target Hikes Ahead of Q3 Earnings

Overview

• Bank of America, Wedbush, and Cantor Fitzgerald raised Western Digital targets to $495, $530, and $500, pointing to tight hard-disk supply and AI storage needs.
• Wall Street expects about $2.40 in earnings per share and $3.25 billion in revenue for the fiscal third quarter.
• Wedbush models 7.6 million nearline drives shipped, a 6% rise in average prices, and gross margin around 47.5% for the quarter.
• After selling its SanDisk stake, Western Digital carries no debt, and S&P lifted its rating to BBB-, which analysts say could support multi-billion-dollar buybacks.
• Reports on recent gains differ, with some citing about 900% in a year and others about 190% in 2025, and several banks still call HDDs a cyclical business.