Citigroup analyst Asiya Merchant reiterated a 'Buy' rating for Western Digital (WDC). Merchant raised the 12-month price target to $685 from $500. This new target is up 37%.
The increase reflects optimism about the company's future performance. It also highlights Western Digital's strong position in the data storage market.
Increasing demand for high-capacity hard disk drives (HDDs) from data centers drives this positive outlook. This surge connects to the broader buildout of AI infrastructure. The AI buildout requires massive storage. This trend benefits key suppliers like Western Digital.