Analysts Say Data Storage Stocks Like WDC Are Set to Make a Turnaround

Memory and storage stocks plunged from their highs this year after the momentum broke. Semiconductor stocks also took a turn in the wrong direction, although certain names now seem to be preparing for a turnaround as analysts remain bullish. Western Digital (WDC) is one of these names. WDC stock fell more than 45% from its June high before several analysts started piling in with bullish price targets right before shares started recovering.

Wedbush analyst Matt Bryson recently raised his Western Digital price target to $650 from $540 and reiterated an “Outperform” rating. Bryson did the same for Seagate Technology (STX), lifting his STX price target to $1,000 from $825. Initially, this looked like an ill-timed call as both stocks fell the same day. However, the broader industry is now staging a turnaround, with many analysts confident that the momentum is returning.