Western Digital price target raised to $150 from $95 at Wells Fargo

Wells Fargo raised the firm’s price target on Western Digital (WDC) to $150 from $95 and keeps an Overweight rating on the shares. The firm increases its estimates to reflect increased structural/sustainable nearline HDD demand; higher gross margin estimates. Western Digital’s progress toward 4TB/p HAMR quals remains key focus, Wells notes, adding that it sees potential pull-forward and further expansion of ePMR-based UltraSMR capacities as a potential positive.