Wedbush Raises Seagate, Western Digital Price Targets 20%+ on AI Storage Demand

According to Wedbush Securities analyst Matt Bryson, the firm raised price targets for storage giants Seagate Technology (STX-US) and Western Digital (WDC-US) on July 28, ahead of earnings reports. Seagate's target was lifted from $825 to $1,000 (up 21.2%), while Western Digital's was raised from $540 to $650 (up 20.4%). Both stocks maintained Overweight ratings.

Bryson expects both companies' upcoming quarterly earnings to exceed market consensus, driven by improved profit margins and higher average selling prices (ASP) as AI infrastructure expansion increases demand for high-capacity storage devices. Seagate reports earnings today, while Western Digital is set to report on August 5.