Western Digital (WDC) received several bullish analyst updates on May 4 following its April 30 earnings report. Baird raised its price target to $450 from $310 and maintained an outperform rating. Cantor Fitzgerald increased its target to a Street-high $660. Citigroup and Mizuho also boosted their targets, citing strong demand driven by artificial intelligence.
The company reported Q3 adjusted earnings of $2.72 per share. Revenue reached $3.34 billion for the period. These results exceeded consensus estimates.
Western Digital shares rose approximately 2% in early trading on May 4. The stock has gained over 160% year-to-date.