JP Morgan Raises Western Digital (WDC) Price Target to $650

On October 23, 2026, JP Morgan reaffirmed its Overweight rating on Western Digital Corporation WDC and raised its price target from $600.00 to $650.00. The research note outlines a positive view on the data storage provider's market position, keeping an upbeat stance despite recent market volatility. Western Digital closed at $344.76 on October 23, 2026, with the spot price recently resting near $344.49.

WDC Western Digital Corporation

$354.19 ▲ +88.90% year to date

1M 3M YTD

Daily close · Oct 22, 2026

JP Morgan's Call on Western Digital Corporation

JP Morgan kept its Overweight rating intact while lifting the price target by $50.00 to $650.00 on October 23, 2026. This forward-looking opinion supports the firm's thesis on the company's long-term potential in the data storage sector.

Western Digital Corporation Stock Down 9.0%

The stock recently traded around $344.49 on October 23, 2026, sitting below its 50-day moving average of $435.87 and its 200-day moving average of $413.93. Shares have ranged from a 52-week low of $121.72 to a 52-week high of $799.87. The company commands a market capitalization of roughly $132.58 billion.

Recent Earnings

Western Digital reported trailing-twelve-month revenue of $12.92 billion and basic earnings per share of $26.92. The company posted a net profit margin of 72.9% alongside a return on equity of 130.9%. Investors can watch for the next earnings report scheduled for February 4, 2027.

Dividend

Western Digital pays an annual dividend of $0.60 per share, giving it a dividend yield of 0.17%. The payout ratio sits at 1.9% of earnings.

Insider Buying and Selling at Western Digital Corporation

Company insiders completed several transactions ahead of the rating update. Director Stephanie A. Streeter sold 5,600 shares valued at $2,519,280.00 on September 1, 2026. Officer Cynthia Lock Tregillis sold 432 shares on September 4, 2026, at an average price of $451.20 for a total of $194,918.00, and later sold 807 shares on October 21, 2026, at $380.00 for a total of $306,660.00. Officer Vidyadhara K. Gubbi sold 1,795 shares on September 4, 2026, at an average price of $459.87, totaling $825,472.00.

Analysts Set New Price Targets

Other firms updated their views on October 23, 2026. TD Cowen maintained a Buy rating while lowering its target from $540.00 to $430.00. Rosenblatt kept a Buy rating and adjusted its target from $800.00 down to $650.00. Morgan Stanley maintained an Overweight rating, raising its target from $643.00 to $668.00. Cantor Fitzgerald maintained an Overweight rating while reducing its target from $900.00 to $625.00. Across 24 analyst opinions, the stock carries a consensus buy recommendation with a mean target price of $636.08.

About Western Digital Corporation

Headquartered in San Jose, California, Western Digital designs, manufactures, and sells data storage devices and solutions built on hard disk drive technology. The company serves enterprise data centers, personal computing markets, and consumer electronics worldwide. Its hardware supports cloud infrastructure and personal data management for clients across the globe.

Bottom Line

JP Morgan's raised target points to continued confidence in the hardware maker's fundamentals. Market participants will monitor the upcoming earnings release on February 4, 2027, for further operational updates.