The move is in sympathy with Western Digital Corp’s (NASDAQ:WDC) rally following its upbeat quarterly print.

On Thursday, Western Digital reported first-quarter EPS of $1.78, which beat the analyst consensus of $1.73. Quarterly revenue of $4.09 billion trailed the consensus estimate of $4.12 billion compared to $2.75 billion a year ago.

Also Read: Nvidia and Intel Competition Threaten AMD’s Growth, Analyst Says

Western Digital expects second-quarter revenue of $4.2 billion-$4.4 billion, versus the $4.35 billion estimate, and adjusted EPS of $1.75-$2.05, versus the $1.95 estimate.

He highlighted Nvidia and AMD positively for their robust AI and server demand, whereas Micron, Monolithic Power, Marvell, and Intel face headwinds from market share losses and intensifying competition.

Western Digital Stock Prediction For 2024

Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.

Shares of Western Digital have an average 1-year price target of $92.07, representing an expected upside of 27.01%.

Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have bearish recommendations on Western Digital, while 12 analysts have bullish ratings. The street high price target from Rosenblatt is $115.0, while the street low from Susquehanna is $75.0.

Price Actions: At last check Friday, NVDA stock was up 2.13% at $143.33. AMD stock is up 3.09%, AVGO stock is up 2.47%, MU is up 2.80%, TSM is up 2.64%, ON is up 3.17%, and INTC stock is up 3.69%.

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