Morgan Stanley raised the firm’s price target on Western Digital (WDC) to $171 from $99 and keeps an Overweight rating on the shares. While the firm has already been hard disk drive bulls, demand has recently inflected as the result of strengthening cloud infrastructure spending, accelerating investments in data-enabling technologies, and AI inferencing emerging as an incremental tailwind to data-rich media generation and data retention needs, the analyst tells investors. With the firm believing based on recent checks that the market remains up to 10% undersupplied, it now has “even greater conviction” that this HDD cycle will be “stronger for Longer,” the analyst added.
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