On August 20, Western Digital rose 3.16% in regular trading, trading at $476.4/share, with turnover of $8.75 billion. The storage chip sector staged a broad technical rebound after suffering heavy losses in the prior session when surging long-term bond yields triggered a sector-wide sell-off that saw Western Digital drop nearly 7%.

On the news front, SK Hynix's previously announced plan to repurchase and cancel KRW 40 trillion worth of shares, along with a commitment to return at least 50% of free cash flow to shareholders, continued to underpin sector sentiment. Across the storage space, Seagate Technology rose 4.13% and SanDisk gained 2.91%, reflecting broad-based recovery in storage names.

Multiple investment banks have recently raised price targets on Western Digital, with Bernstein setting a target of $770, Morgan Stanley at $676, and BNP Paribas at $700, providing additional support for the ongoing recovery from its post-earnings pullback.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)