Cantor Fitzgerald Analyst Raises Western Digital Price Target by 42.9%

Cantor Fitzgerald's C J Muse raised their price target on Western Digital (NASDAQ: WDC) by 42.9% from $70 to $100 on April 8, 2024. The analyst maintained their Strong Buy rating on the stock.

Muse's optimism stems from the positive pre-announcement made by Western Digital's management just two months into the third quarter of 2024. According to Muse, this indicates a significant drawdown of eSSD inventories and a consumer recovery, which should drive demand well above supply for the remainder of the year and possibly beyond.

Looking ahead, Muse is projecting Western Digital to achieve earnings per share (EPS) of $10 to $11 in the calendar year 2025. This positive outlook reflects the analyst's confidence in the company's ability to capitalize on the current market conditions.

In addition to the rating change for Western Digital, Muse also made adjustments to other companies in their portfolio. Here are the modifications made on April 8, 2024:

- Lam Research Corp (NASDAQ: LRCX): Muse raised the price target by 22.2% from $900 to $1,100 while maintaining a Hold rating. - Globalfoundries Inc: The price target was lowered by -21.4% from $70 to $55, and the stock was downgraded from Strong Buy to Hold. - Intel Corp (NASDAQ: INTC): The price target was lowered by -10% from $50 to $45 while maintaining a Hold rating. - Kla Corp (NASDAQ: KLAC): Muse raised the price target by 28% from $625 to $800 while maintaining a Hold rating. - Micron Technology Inc (NASDAQ: MU): The price target was raised by 11.1% from $135 to $150, and the stock maintained its Strong Buy rating.

As for Western Digital, 81.8% of the top-rated analysts currently recommend the stock as a Strong Buy or Buy, with 18.2% considering it a Hold. No analysts recommend or strongly recommend selling the stock.

Year-over-year, Western Digital's stock has soared by an impressive 91.8%. During this period, the company has outperformed the broader market, with the S&P 500 index posting a gain of 26.6%.

C J Muse, the Cantor Fitzgerald analyst behind the rating change, is highly regarded in the industry. WallStreetZen ranks Muse in the top 3% out of 4,535 Wall Street analysts, with an average return of 32.4% and a 70% win rate. Specializing in the Technology sector, Muse's insights and recommendations carry weight among investors.

Western Digital Corporation, headquartered in San Jose, California, is a leading developer, manufacturer, and seller of data storage devices and solutions. The company operates globally, serving clients in the United States, China, Hong Kong, Europe, the Middle East, Africa, Asia, and other international markets.

Western Digital offers a wide range of products, including hard disk drives (HDDs) and solid-state drives (SSDs) for various computing devices such as PCs, gaming consoles, and set-top boxes. They also provide flash-based embedded storage solutions for mobile phones, tablets, and other portable devices, as well as enterprise data center devices and solutions.

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