TD Cowen Cuts Western Digital (WDC) Price Target to $430

TD Cowen maintained its Buy rating on Western Digital Corporation WDC on October 23, 2026, while lowering its price target from $540.00 to $430.00. The note arrived as analysts across Wall Street reviewed their expectations for the computer hardware maker, where shares recently traded below several key moving averages. TD Cowen's revised target points to where the firm sees value, even as the stock sits below that threshold.

WDC Western Digital Corporation

$354.19 ▲ +88.90% year to date

1M 3M YTD

Daily close · Oct 22, 2026

TD Cowen's Call on Western Digital

In its research note on October 23, 2026, TD Cowen kept a Buy rating on Western Digital while cutting the target to $430.00 from $540.00. The updated objective leaves room above the recent trading price, offering a fresh look at the storage device maker's medium-term prospects.

Other Institutional Activity in Western Digital

RMR Wealth Builders grew its holdings by 2,550 shares, ending with 9,160 shares worth about $4,162,724.00.

Western Digital Corporation Stock Down 9.0%

Western Digital shares recently traded around $352.94 as of October 23, 2026, moving lower from its previous close of $354.19 on October 22, 2026. The stock trades below its 50-day moving average of $435.87 and its 200-day moving average of $413.93.

Recent Earnings

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

Dividend

Western Digital pays an annual dividend of $0.60 per share, which translates to a dividend yield of 0.17%. The payout ratio stands at 1.9%.

Insider Buying and Selling at Western Digital Corporation

Company insiders executed several sales ahead of the announcement, including transactions by officer Cynthia Lock Tregillis and chief legal officer Cynthia L Tregillis.

Analysts Set New Price Targets

Wall Street firms updated their views around the same period. On October 21, 2026, B of A Securities maintained a Buy rating and raised its target from $720.00 to $800.00. On October 23, 2026, Rosenblatt maintained a Buy rating while lowering its target from $800.00 to $650.00. Morgan Stanley maintained an Overweight rating on October 23, 2026, lifting its target to $668.00 from $643.00. Cantor Fitzgerald also maintained an Overweight rating on October 23, 2026, while cutting its target from $900.00 to $625.00. The stock holds a consensus recommendation of Buy with a mean price target of $636.08.

About Western Digital

Headquartered in San Jose, California, Western Digital Corporation develops and sells data storage devices and solutions built on hard disk drive technology. The company serves customers in the Americas, Asia, Europe, and the Middle East with internal drives, data center platforms, and portable storage.

Bottom Line

Investors will watch for the company's next earnings report on February 4, 2027, to see how hard disk drive demand shapes financial results. TD Cowen's revised target gives market participants another benchmark to track as shares trade below consensus expectations.