BofA Raises Price Target for Western Digital Corp. (WDC)

Western Digital Corp. (NASDAQ:WDC) is one of BlackRock’s 30 most important AI stocks right now.

BlackRock is the largest institutional investor in the company, owning 10.38% or 35.77 million of outstanding shares, according to Yahoo Finance data.

On July 1, Wamsi Mohan from Bank of America Securities increased the target price on Western Digital Corp. (NASDAQ:WDC) from $610 to $732, while maintaining a Buy rating on the stock. The analyst attributed this adjustment to notable demand growth across the hard disk drive sector, which continues to exceed supply.

Such demand trends have led to a strong pricing regime for the segment. Mohan also projects that once exabytes shipments are taken into account, the management’s 25% year-on-year growth outlook will be surpassed.

Earlier on June 29, Cantor Fitzgerald also increased its price target on Western Digital Corp. (NASDAQ:WDC) from $660 to $900. The firm maintained an Overweight rating on the stock.

The firm believes that the semiconductor industry carries an immense potential to reach the $3 trillion mark by 2029, which could go beyond $3.5 trillion by 2030.

Western Digital Corp. (NASDAQ:WDC) manufactures and sells data storage solutions globally, using hard disk drive (HDD) technology. The products include external and portable drives, data center drives, data center platforms, internal HDDs, NAS for home and office, and more. It sells its products through its sales personnel, dealers, distributors, computer manufacturers, and retailers.

While we acknowledge the risk and potential of WDC as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than WDC and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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