Western Digital Corp. (NASDAQ:WDC) is one of the 10 best computer hardware stocks to buy for the next 5 years.
On May 27, Barclays analyst Tom O’Malley increased the price target on Western Digital Corp. (NASDAQ:WDC) from $450 to $620
The firm maintained an Overweight rating on the stock, which now offers a revised upside potential of almost 26%. The analyst believes that, after accelerators, the most compelling semiconductor segment is memory and storage. Given that supply-demand restrictions are anticipated to persist through 2027, O’Malley predicted that prices will continue to increase.
The analyst also anticipated that new contract agreements, product introductions, and a growing trend towards 40TB drives would drive the hard disk drive market’s biggest pricing benefits later this year. On May 26, Amit Daryanani from Evercore ISI increased the target price on Western Digital Corp. (NASDAQ:WDC) from $500 to $575, resulting in an adjusted upside potential of almost 17%. The analyst also maintained an Outperform rating on the stock following some investor meetings.