Citi Raised the PT on Western Digital Corporation (WDC), Here’s What’s Driving the Bullish Sentiment Western Digital Corporation (NASDAQ:WDC) has gained more than 200% over the past 6 months.
More than 18% of these gains have been accumulated following the company’s fiscal Q3 2026 earnings released on May 1
During the quarter, the company posted $3.34 billion in revenue, up 45% year-over-year and ahead of the expected $3.25 billion. The adjusted EPS of $2.72 also topped the consensus of $2.39. Western Digital Corporation (NASDAQ:WDC) is also one of our Top 10 Unstoppable Growth Stocks to Invest In.
Recently, on June 2, Asiya Merchant from Citi raised the price target on the stock from $500 to $685 and maintained a Buy rating on the shares. The analyst noted that Citi increased its estimates for the hard disk drive space based on two key drivers, including a strong AI-led demand and disciplined industry supply management. Asiya noted that together, these factors are expected to support sustainable pricing power for Western Digital, suggesting that the company will be able to maintain favorable pricing without the boom-bust cycles that have historically plagued the storage industry.