Western Digital Price Target Rises to $340 After 21% Pullback on TurboQuant Fear
Bernstein upgraded Western Digital to Outperform with a price target of $340, doubling the prior $170 target after the stock fell 21% on unfounded TurboQuant concerns. Analysts project a 24% revenue CAGR through 2030 supported by AI workloads, with ePMR roadmap extended though HAMR ramp may lag Seagate.
1. Bernstein Upgrade and Price Target Increase
Bernstein upgraded Western Digital to Outperform and raised the price target to $340 from $170 after the stock slumped 21% from recent highs. Western Digital shares rose 2.3% in premarket trading following the upgrade.
2. Storage Sector Outlook and Technology Roadmap
Storage sector revenue is projected to grow at a 24% compound annual rate through fiscal 2030, driven by AI workloads and data retention trends. Western Digital’s ePMR roadmap extension suggests a slower-than-expected transition to HAMR, with HAMR exabytes expected to reach about 5% in 2027 versus Seagate’s 70%.