Western Digital (WDC) Named “Top Pick,” Soars 14.6%

We recently published 10 Big Names With Double-Digit Upsides. Western Digital Corp. (NASDAQ:WDC) is one of last week’s top performers.

Shares of Western Digital surged by 14.56 percent week-on-week to touch a new all-time high after Morgan Stanley named it as its “top pick” across the sector.

On Friday, Western Digital Corp. (NASDAQ:WDC) touched a new 52-week high of $93.10, rallied on all days of the shortened trading week, albeit the steepest jump noticeably occurred on September 3 after the investment bank’s market report.

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This followed a series of “constructive” meetings between Morgan Stanley and Western Digital Corp. (NASDAQ:WDC) that boosted the former’s confidence in the latter’s technology roadmap.

Additionally, the storage firm has demand visibility, as evidenced by non-cancellable purchase orders and long-term agreements in the second half of 2026.

This is “the single most important data point illustrating that [cloud service firms] are comfortable with WDC’s technology roadmap,” it said.

Morgan Stanley also gave Western Digital Corp. (NASDAQ:WDC) a higher price target of $99 versus $92 previously, adding that the price could breach the $125 mark in a bull case scenario.

From its closing price of $92.04 on Friday, the new price targets marked upside potential of 7.56 percent and 35.8 percent, respectively.

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