Stock Track | Western Digital Soars 5.13% Intraday on HDD Shortage Warnings and Price Target Hikes
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Western Digital's stock surged 5.13% during intraday trading on Wednesday, continuing a strong rally in the storage sector.
The move follows a Morgan Stanley research report which concluded that the HDD industry upcycle is elongating significantly. The firm warned that HDD shortages are more severe than previously expected and will persist through at least 2028, with demand growing 40%-50% annually while supply growth lags at 30%-35%. Morgan Stanley raised its price target on Western Digital from $488 to $650.
The stock's gains were part of a broader rebound in chip and storage shares during the pre-market and intraday sessions, indicating strong sector-wide momentum.
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