10 Best Booming Stocks to Buy According to Hedge Funds 

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6. Western Digital Corporation (NASDAQ:WDC)

Western Digital Corporation (NASDAQ:WDC) is one of the best booming stocks to buy according to hedge funds. UBS lifted the price target on Western Digital Corporation (NASDAQ:WDC) to $350 from $285 on April 21, reaffirming a Neutral rating on the shares. The firm told investors in a research note that the company is anticipated to report results near the top end of guidance for Q3, with strong sequential growth driven by higher ASPs and healthy hyperscaler demand. In addition, further improvement in fiscal Q4 is expected through continued pricing gains and margin expansion.

UBS also noted that although near-term fundamentals remain solid and supported by capacity and demand dynamics, the view remains that HDD stocks are still cyclical, with a longer-term downcycle pushed to at least late 2028 despite the current market treating the sector as more structurally stable than memory. Western Digital Corporation (NASDAQ:WDC) also received a rating update from Barclays on April 22. The firm lifted the price target on the stock to $405 from $325 and reaffirmed an Overweight rating on the shares.

Western Digital Corporation (NASDAQ:WDC) is involved in the development, manufacture, marketing, and sale of data storage devices and solutions.

While we acknowledge the potential of WDC to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than WDC and that has 100x upside potential, check out our report about the cheapest AI stock.

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