On June 16, Western Digital rose 5.91% in regular trading, trading at $693.995/share, with turnover of $921 million. The rally was driven by multiple major investment banks raising their target prices, with Morgan Stanley citing AI data center demand as the catalyst for tightening hard disk supply-demand conditions exceeding expectations.

Morgan Stanley raised its target price for Western Digital from $488 to $650, maintaining an Overweight rating, and warned that the HDD supply shortage will persist at least through 2028. Under a bull-case scenario, the firm projects Western Digital's earnings per share could grow nearly tenfold over the next three years. JPMorgan also raised its target from $530 to $650, while Citi lifted its target to $685 with a Buy rating, and Wells Fargo raised to $575.

Fundamentally, Western Digital reported fiscal Q3 EPS of $17.80 with net income of $6.106 billion, representing year-over-year growth of approximately 289%. Cloud segment revenue accounted for 88.91% of total sales, underscoring the company's deepening role as critical AI infrastructure. The broad analyst consensus now places the average target at $560, with the stock currently trading above that level.

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