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Investing.com - Morgan Stanley raised its price target on Western Digital Corp. (NASDAQ:WDC) shares to $380 from $368 while maintaining an Overweight rating.
The firm’s latest checks show hard disk drive demand continues to strengthen, according to analyst Erik Woodring. Morgan Stanley’s supply and demand tracker now implies shortages through 2028.
Price per terabyte is significantly stronger than previously expected, driving the firm’s margin and earnings per share estimates further above consensus.
Morgan Stanley is raising estimates for both Seagate Technology (STX) and Western Digital. The firm is also moving Seagate to Top Pick status. The move comes as Seagate trades at $429.36, near its 52-week high, with shares delivering a remarkable 552% return over the past year. According to InvestingPro, which offers comprehensive Pro Research Reports on over 1,400 US stocks including Seagate, the company maintains a "Great" financial health score of 3.19.
Western Digital manufactures data storage devices and solutions for consumer and enterprise markets.
In other recent news, Seagate Technology reported impressive financial results for its fiscal second quarter of 2026, surpassing market expectations. The company achieved earnings per share of $3.11, exceeding the forecasted $2.79, which represents an 11.47% surprise. Revenue also outperformed predictions, reaching $2.83 billion and surpassing forecasts by 3.66%. Additionally, Cantor Fitzgerald raised its price target for Seagate Technology to $650 from a previous $500, while maintaining an Overweight rating on the stock. This adjustment followed Western Digital’s Innovation Day, where advancements in technology and updated financial models were discussed. These developments are significant for investors keeping an eye on Seagate Technology.
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