Western Digital (WDC) Soars to All-Time High as 2 Analysts Turn Bullish

We recently published 10 Big Names Leaving Wall Street Behind; 7 Are Hitting Record Highs. Western Digital Corp. (NASDAQ:WDC) was one of the worst performers on Wednesday.

Western Digital soared to a new all-time high of $244.90 on Wednesday, up 9.8 percent, after earning higher price targets and reaffirming bullish outlooks from two investment companies.

At market close, the stock trimmed gains to finish the day just up by 8.49 percent at $241.90 apiece.

In its market report, Rosenblatt raised its price target for the data storage maker by 64 percent to $275 from $165, while reaffirming a “buy” recommendation.

The revision was based on a more optimistic business outlook for Western Digital Corp. (NASDAQ:WDC), saying that the latter’s build-to-order strategy is expected to provide greater visibility while limiting inventory builds and optimizing manufacturing capacity.

For its part, Bank of America raised its price target for Western Digital Corp. (NASDAQ:WDC) by 30 percent to $257 from $197 previously, while reaffirming its “buy” recommendation, on expectations that the latter would post strong revenue, margins, and earnings per share at its earnings call next Thursday, January 29.

Additionally, BofA said that it anticipates stable prices for Western Digital Corp.’s (NASDAQ:WDC) products as demand continues to outpace supply.

Western Digital Corp. (NASDAQ:WDC) is also set to hold the Innovation Day on February 3, where it would showcase key innovations designed to support the growing demand for data storage by our customers in the AI-driven data economy.

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