Wells Fargo Lifted Western Digital (WDC) Target to $95, Maintains Buy

Western Digital Corp. (NASDAQ:WDC) is one of the best large-cap tech stocks to buy now. On July 31, Wells Fargo’s Aaron Rakers reaffirmed his Buy rating on Western Digital (NASDAQ:WDC), while lifting his price target to $95 from $80. His positive stance follows quarterly results and guidance that came in ahead of expectations, strengthening the case for the company’s growth outlook.

Rakers pointed to notable momentum in Western Digital’s nearline storage segment, where shipment volumes exceeded forecasts, signalling competitive gains against peers.

Wells Fargo Lifted Western Digital (WDC) Target to $95, Maintains Buy

A data center filled with racks of hard disk drives and solid state drives.

He also highlighted the company’s ongoing technology investments, including progress in HAMR development and the broader rollout of UltraSMR, which he expects will support both revenue expansion and margin improvement in the years ahead.

The analyst’s long-term model now pencils in an annual revenue growth in the mid-teens, helped by firm pricing trends and operational efficiencies. With strong demand from hyperscale cloud customers adding another layer of support, Rakers sees Western Digital well-positioned to deliver sustained growth, justifying the higher price target alongside the Buy rating.

Western Digital Corp. (NASDAQ:WDC) is a prominent developer and manufacturer of data storage devices and solutions. The company’s product range includes hard disk drives (HDDs), NAND flash-based products, and external storage systems tailored for both consumer and enterprise markets.

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.

READ NEXT: 13 Best Defensive Stocks to Invest in According to Analysts and 10 Most Oversold Semiconductor Stocks So Far in 2025.

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