Mizuho raised Western Digital’s price target to $685 from $550 based on stronger AI-driven memory demand forecasts. It forecasts DRAM demand up 27% in 2026 and 24% in 2027, NAND rising 18% annually, and highlights a jump in Google TPU shipments to over 35 million units by 2028.
Mizuho Capital Markets upgraded Western Digital’s price target to $685 from $550 while maintaining an Outperform rating. The firm cited accelerating demand from AI workloads as the primary catalyst for its bullish view on the memory and storage provider.
The upgrade rests on projections of a 27% increase in DRAM demand in 2026 and 24% in 2027, alongside an 18% annual rise in NAND demand over the same period. These forecasts reflect the widening supply gap as data center memory requirements expand.
Mizuho highlighted stronger AI ASIC activity, forecasting Google TPU shipments to surpass 35 million units by 2028, up from about 4.3 million in 2026. Analysts believe this surge will drive additional orders for memory and storage components from Western Digital.
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