Morgan Stanley Names Western Digital (WDC) Its Top Storage Pick, Raises Price Target

Western Digital Corp. (NASDAQ:WDC) ranks among the best performing S&P 500 stocks in the last 3 months. On September 3, Morgan Stanley boosted its price target to $99 and selected Western Digital Corp. (NASDAQ:WDC) as its new top choice in the storage industry. The bank also set a bull case price target of $125 for Western Digital, indicating substantial upside from current levels.

The move by Morgan Stanley comes after management discussions that boosted the firm’s trust in Western Digital’s technology strategy. According to the firm’s analysis, Western Digital’s current valuation discount of more than 20% in comparison to its peers seems excessive.

Morgan Stanley determined that rapid capital returns and sustained outstanding execution were significant factors that might assist Western Digital Corp. (NASDAQ:WDC) in reducing this value difference with rivals.

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.