Western Digital price target raised to $100 from $70 at Cantor Fitzgerald

Cantor Fitzgerald analyst C.J. Muse raised the firm’s price target on Western Digital to $100 from $70 and keeps an Overweight rating on the shares. Western Digital positively pre-announced just two months into the quarter and the firm is seeing a dramatic drawdown of eSSD inventories, combined with consumer recovery, that should propel demand to well-exceed supply for the remainder of 2024 if not longer, the analyst tells investors in a research note. Cantor now sees CY25 EPS tracking to $10-$11.