JPMorgan Raises Western Digital Price Target to $650

JPMorgan raised its price target on Western Digital Corporation (NASDAQ:WDC) to $650 from $530 on June 12, maintaining an Overweight rating on the shares. The adjustment came in a research note where analysts said they are raising their earnings forecasts.

Rating Change

• Previous Price Target: $530
• New Price Target: $650
• Rating: Overweight (maintained)

Analyst Rationale

JPMorgan analysts believe Western Digital will benefit from growing demand for AI memory, boosting revenue and profitability. The upward revision reflects confidence in the company's performance in the second half of 2026.

Context

Western Digital is considered one of the best AI memory stocks to buy in 2026, according to an Insider Monkey report. The stock currently trades below the new target, leaving room for upside.

What to Make of It

The price target increase signals a positive outlook from a key analyst, but investors should consider risks related to the memory sector and elevated valuation.