On July 29, Western Digital rose 3.66% overnight, trading at 480.48 USD/share, with turnover of 504,600 USD. The storage sector extended its rebound, with peer Seagate Technology up over 7% and SanDisk up nearly 4%.

On the news front, Seagate Technology previously reported strong quarterly earnings, surging over 9% in after-hours trading and lifting the broader storage sector. Western Digital had declined over 12% cumulatively across the prior two trading sessions due to NAND industry headwinds including rumors of discounted long-term contracts with hyperscalers and weak domestic CSP procurement demand, creating conditions for a pronounced oversold recovery.

Additionally, Wedbush Securities recently raised its price target on Western Digital from 540 USD to 650 USD while maintaining an Outperform rating, implying approximately 31% upside from current levels and providing valuation support for capital inflows. The company is scheduled to report earnings on August 5, with consensus EPS expectations of 3.24 USD.

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