Citi Raised the PT on Western Digital Corporation (WDC), Here’s What’s Driving the Bullish Sentiment

Western Digital Corporation (NASDAQ: WDC ) has gained more than 200% over the past 6 months. More than 18% of these gains have been accumulated following the company’s fiscal Q3 2026 earnings released on May 1. During the quarter, the company posted $3.34 billion in revenue, up 45% year-over-year and ahead of the expected $3.25 billion. The adjusted EPS of $2.72 also topped the consensus of $2.39. Western Digital Corporation (NASDAQ:WDC) is also one of our Top 10 Unstoppable Growth Stocks to Invest In .

​Recently, on June 2, Asiya Merchant from Citi raised the price target on the stock from $500 to $685 and maintained a Buy rating on the shares. The analyst noted that Citi increased its estimates for the hard disk drive space based on two key drivers, including a strong AI-led demand and disciplined industry supply management.

​Asiya noted that together, these factors are expected to support sustainable pricing power for Western Digital, suggesting that the company will be able to maintain favorable pricing without the boom-bust cycles that have historically plagued the storage industry. The firm remains confident in HDD Demand as AI infrastructure buildout continues to drive significant data storage requirements.

​Western Digital Corporation (NASDAQ:WDC) develops and manufactures hard disk drive-based storage devices and data infrastructure solutions globally.

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