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
facebook X logo linkedin


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.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI