Western Digital Corporation (NASDAQ:WDC) is one of the Hottest Large-Cap Stocks to Buy Now. On October 13, Amit Daryanani from Evercore ISI raised the firm’s price target on Western Digital Corporation (NASDAQ:WDC) from $85 to $190, while keeping an outperform rating on the stock.
The analyst noted that the Hard Disk Drive industry is expected to benefit from structural tailwinds such as AI and a growing cloud demand. Moreover, the cloud demand is also driving exabyte shipment growth, improved pricing discipline, and technological advancements.
In addition, the analyst noted in his research note that the HDD sector is on the path to transformation, which calls for potential price re-evaluations and presents sustained financial performance.
Western Digital Corporation (NASDAQ:WDC) develops and manufactures storage devices and solutions for a range of users. It delivers HDD solutions that are used by students, gamers, enterprises, and public clouds.
While we acknowledge the potential of WDC as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
Disclosure: None. This article is originally published at Insider Monkey.