Mizuho raised its price target for Western Digital Corporation (WDC) from $75 to $87 and maintained an Outperform rating after the company’s strong June quarter results. Revenue reached $2.61 billion, with forecasts for the September quarter at $2.70 billion and EPS of $1.54, beating estimates. Nearline hard disk drive shipments rose by 17% to 170 exabytes, with cloud customers driving 90% of revenues. Purchase orders and long-term agreements with top cloud service providers were secured through fiscal year 2026. The company’s margins are strong, with AI driving a shift towards higher-capacity drives.

Read more at Yahoo Finance: Mizuho Raises Price Target for Western Digital (WDC), Keeps Outperform Rating