On August 4, Western Digital rose 3.34% in pre-market trading, trading at $544.0 USD/share, with turnover of $5.48 million, recovering notably from the prior session's over 4% decline.

On the news front, BNP Paribas significantly raised its target price on Western Digital from $1050 to $1275, implying over 130% upside from the current stock price, providing strong sentiment support. The upgraded target reflects continued optimism around AI-driven enterprise storage demand and improving pricing dynamics heading into the company's earnings report scheduled for August 5 after market close, with consensus EPS expectations at $3.24.

The stock had declined over 4% on August 3 as the broader storage sector experienced collective profit-taking ahead of the earnings window, with peers including SK Hynix, SanDisk, and Seagate Technology all falling over 3%. Western Digital had accumulated approximately 9.42% gains in the preceding week, fueled by strong earnings expectations and Wedbush's earlier target price increase from $540 to $650. The sharp BNP Paribas upgrade triggered a short-covering rebound following the near-term oversold condition.

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