Mizuho Reaffirms Outperform on Western Digital (WDC) as Cloud Storage Demand Drives Results

Western Digital Corp. (NASDAQ:WDC) ranks among the best computer hardware stocks to invest in. Mizuho reaffirmed its Outperform rating on Western Digital Corp. (NASDAQ:WDC) and boosted its price target from $75 to $87 on July 31. The upgrade comes after Western Digital reported a solid June quarter with $2.61 billion in revenue.

About 90% of Western Digital’s revenue comes from cloud customers, and the company stated that its Nearline hard disk drive (HDD) shipments surpassed 170 exabytes in the quarter, up 17% quarter-over-quarter. According to Mizuho, average selling prices rose 7% quarter-over-quarter and are predicted to stay high.

Additionally, Western Digital Corp. (NASDAQ:WDC) states that UltraSMR technology is anticipated to account for over 50% of bits shipped by the end of 2025.

Western Digital Corp. (NASDAQ:WDC) is a well-known manufacturer and developer of data storage solutions and devices. The company’s product lines include external storage systems, NAND flash-based solutions, and hard disk drives (HDDs).

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Disclosure: None. This article is originally published at Insider Monkey.