Tech Stock Staging Turnaround After Upgrades

Western Digital stock is poised to trade back near its annual highs from December

Deputy Editor
Jan 16, 2024 at 8:56 AM
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Computer hardware stock Western Digital Corp (NASDAQ:WDC) is 3.8% higher before the bell after two big upgrades this morning. Deutsche Bank upgraded WDC to "buy" from "hold" and hiked its price target by $20 to $65, encouraged by the company's NAND flash chip pricing improving faster than expected. The brokerage sees Western Digital's second-quarter results finishing at the higher end of forecasts.

In addition, Barclays upgraded Western Digital stock to "overweight" from "equal weight" and also raised its price target to $65. And while nine covering brokerages rated the stock a "buy" or better ahead of today's open, there's room for additional bull notes considering seven still recommend a tepid "hold."

Western Digital stock is a chip shot from its Dec. 26 annual highs of $53.21. With support in place at their ascending 40-day moving average, the shares are set to eat into their 4.5% year-to-date deficit and add to the healthy 31.7% year-over-year lead.

Options traders are overwhelmingly bullish on WDC. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the security's 10-day call/put volume ratio of 11.65 ranks one percentage point from an annual high.


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