Western Digital Hits Record $788 After Apple-Intel Chips in America Deal
WDC•Western Digital shares jumped 10.6% to $786.87, hitting a record $788 on news of Apple’s and Intel’s Chips in America partnership, marking a sixth consecutive gain. Year-to-date gains stand at 313%, with Morgan Stanley and J.P. Morgan raising price targets to $650 even as the RSI nears overbought 80.
1. Record High and Rally
Western Digital shares surged 10.6% to $786.87, reaching an intraday record of $788 following news of Apple and Intel’s collaboration to design and build Chips in America. This marks the stock’s sixth straight daily gain and extends its AI-fueled rally.
2. Analyst Price Target Upgrades
Analysts have lifted their outlook, with Morgan Stanley raising its price target to $650 from $488 and J.P. Morgan boosting theirs to $650 from $530. These upgrades come as Western Digital’s stock has climbed 313% since the start of the year.
3. Overbought Indicators
The 14-day Relative Strength Index for Western Digital sits on the cusp of 80, entering overbought territory and signaling potential for a pullback or consolidation after its steep advance.
4. Short Interest and Options Activity
Short interest increased 9.4% to 31.87 million shares, representing 9.3% of the float and a four-day cover ratio. Options traders show bearish leanings, with a 10-day put/call ratio of 1.10 and a high volatility score of 87 indicating outsized moves.
