Western Digital and Seagate Get Major Price Target Hikes
Loop Capital and Wedbush significantly increase price targets on WDC and STX, citing strong HDD demand, supply constraints, and accelerating earnings growth.
Western Digital (WDC):
- Loop Capital increased target from $92 to $150 (Buy rating). They believe the company's strong economics are just beginning and the stock is gaining recognition for its improving earnings potential.
- Wedbush raised target from $90 to $135 (Outperform rating). The firm thinks Western Digital exceeded production expectations and benefits from its leadership in hybrid SMR technology, allowing better pricing and product mix.
Seagate (STX):
- Wedbush boosted target from $175 to $260 (Outperform rating). Analysts expect Seagate to beat forecasts due to rising demand, supply constraints, and increased shipments of advanced HAMR drives.
- Loop Capital raised target from $200 to $350 (Buy rating), citing the same durable growth dynamics and accelerating earnings momentum.
Bottom Line: Both hard drive makers are benefiting from surging AI-driven data center demand and limited industry supply.