On July 28, Western Digital rose 6.58% in after-hours trading, trading near $494.8/share, with turnover of approximately $115 million. The rebound followed two consecutive sessions of sharp declines that saw the stock shed over 12% cumulatively amid NAND industry headwinds and concerns over increased competition from Chinese memory chipmakers.

The after-hours recovery was supported by a broader oversold bounce across the storage sector, with peer Seagate Technology surging over 9% in the same session. On the catalyst front, investment bank Wedbush raised its price target on Western Digital from $540 to $650, maintaining an Outperform rating, implying approximately 31% upside from current levels and providing valuation support for capital to re-enter positions.

Market attention is also building ahead of Western Digital's next earnings report scheduled for August 5, with consensus expecting EPS of $3.24. The prior selloff was driven by multiple NAND industry headwinds including reports of aggressive cloud customer pricing pressure on QLC eSSD and weak domestic CSP procurement demand, as well as competitive concerns following a major Chinese DRAM listing.

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