Key Takeaways Bank of America elevated Western Digital’s price target to $732 from $610, maintaining its Buy recommendation based on HDD demand exceeding available supply Cantor Fitzgerald in
Western Digital (WDC) has captured renewed attention from major Wall Street firms following a pair of significant analyst upgrades. The stock began Monday’s trading session at $539.00, trading within its 52-week span of $63.67 to $799.87.
Western Digital Corporation, WDC
On July 1, Bank of America Securities analyst Wamsi Mohan increased his WDC price objective to $732 from $610, reaffirming a Buy recommendation. His rationale centers on hard disk drive demand currently outpacing available supply, creating favorable pricing dynamics.
Mohan highlighted that when measured in exabyte shipments, Western Digital’s conservative 25% year-over-year growth projection appears poised for upside surprise.
Just two days prior on June 29, Cantor Fitzgerald delivered an even more aggressive upgrade—raising its price objective to $900 from $660 while maintaining its Overweight rating. The firm pointed to the semiconductor sector’s trajectory toward a potential $3 trillion valuation by 2029.
The optimistic analyst revisions align with solid fundamental performance. Western Digital reported impressive fourth-quarter results on April 30, delivering earnings per share of $2.72—surpassing consensus estimates of $2.39 by $0.33. Revenue reached $3.34 billion, topping forecasts of $3.25 billion.
This revenue performance marks a substantial 45.5% increase versus the prior-year period. Compared to EPS of $1.36 a year earlier, the company’s profitability trajectory has accelerated dramatically.
The storage technology company achieved a return on equity of 42.95% alongside a net margin of 55.29%. Management provided Q4 2026 EPS guidance ranging from $3.10 to $3.40, while Wall Street analysts project full-year earnings of $9.60 per share.
In another positive signal to shareholders, Western Digital increased its quarterly dividend to $0.15 from $0.12 per share. The dividend distribution occurred on June 17 for shareholders of record as of June 5.
Institutional investment firms hold 92.51% of Western Digital’s outstanding shares. BlackRock leads all institutional holders with a 10.38% stake, representing approximately 35.77 million shares.
Recent institutional activity shows significant accumulation. Soroban Capital Partners expanded its WDC position by 1,926.3% during Q2, while Fred Alger Management increased its holdings by an extraordinary 4,923.9% in Q3. Kathmere Capital Management boosted its stake by 72.4% in Q1, bringing its total to 8,568 shares valued at roughly $2.32 million.
Norges Bank established a new position during Q4 worth approximately $788.7 million.
The Wall Street consensus rating stands at “Moderate Buy” with an average price target of $493.52 based on 24 analyst opinions—comprising two Strong Buy ratings, 18 Buy ratings, and four Hold ratings.
Regarding insider transactions, recent activity has trended toward selling. Director Bruce Kiddoo disposed of 750 shares at $528.52 on May 28. Insider Vidyadhara Gubbi sold 2,475 shares at $556.24 on June 1. Aggregate insider sales totaled 29,322 shares worth $12.77 million over the trailing three-month period.
Western Digital maintains a market capitalization of $185.78 billion, trades at a price-to-earnings ratio of 32.18, and exhibits a beta of 2.11.
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