Western Digital Corp. (NASDAQ:WDC) is one of the 10 Stocks Stealing the Spotlight from Wall Street Giants.
Western Digital extended its winning streak to a third consecutive day on Monday to hit a new all-time high, as investors took the path from Morgan Stanley’s 33 percent price target upgrade and bullish coverage for its stock.
In intra-day trading, the stock climbed to its highest price of $658.80 before trimming gains to end the session just up by 16.10 percent at $653.53 apiece.
Photo from Western Digital website
In a market note, Morgan Stanley reiterated its “overweight” rating on shares of Western Digital Corp., alongside a price target of $650, a marked upgrade from its $488 target previously.
Morgan Stanley said that the coverage reflected Western Digital Corp.’s dual-tracked UltraSMR/HAMR roadmap, which it believes investors continue to undervalue, saying that the latter is a source of reliability and strength rather than a technology gap versus its peers.
The investment firm also raised its earnings estimates for the storage maker to $22.40 and $43.47 for next year and in 2028, respectively.
It said that the company’s stock price holds the potential to double next year if its bull-case pricing assumptions play out.
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