Evercore ISI Raises PT on Western Digital Corporation (WDC), Keeps a Buy Rating

​Western Digital Corporation (NASDAQ:WDC) is one of the Hottest Large-Cap Stocks to Buy Now. On October 13, Amit Daryanani from Evercore ISI raised the firm’s price target on Western Digital Corporation (NASDAQ:WDC) from $85 to $190, while keeping an outperform rating on the stock.

​The analyst noted that the Hard Disk Drive industry is expected to benefit from structural tailwinds such as AI and a growing cloud demand. Moreover, the cloud demand is also driving exabyte shipment growth, improved pricing discipline, and technological advancements.

​In addition, the analyst noted in his research note that the HDD sector is on the path to transformation, which calls for potential price re-evaluations and presents sustained financial performance.

​Western Digital Corporation (NASDAQ:WDC) develops and manufactures storage devices and solutions for a range of users. It delivers HDD solutions that are used by students, gamers, enterprises, and public clouds.

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 this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.