Movement Alert｜Western Digital Rises 3.66% Overnight, Seagate Earnings Lift Storage Sector in Oversold Rebound

Market Focus

Jul 29

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.

(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.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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