Wells Fargo Cuts Western Digital (WDC) Price Target to $450
Wells Fargo keeps its Overweight rating on Western Digital with a new price target of $450, a 35.61% upside from the current price.
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Wells Fargo cut its price target on Western Digital Corporation ($WDC) to $450 from $730 on October 16, 2026, and rates the stock "Overweight".
WDC
Western Digital Corporation
Key Points
- On October 16, 2026, Wells Fargo reiterated its Overweight rating on Western Digital Corporation, setting a target price of $450.
- Wells Fargo's $450 price target implies 35.61% upside from Western Digital Corporation's ($WDC) current $331.83 share price.
- Shares of Western Digital recently traded around $339.33, which is below both the 50-day and 200-day moving averages by 23.7% and 17.2%, respectively.
- The average analyst target for Western Digital stands at $668.5, indicating a significant gap from the current trading price.
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Wells Fargo reiterated its Overweight rating on Western Digital Corporation (WDC) on October 16, 2026, setting a new price target of $450. This is a drop from the previous target of $730. The stock is currently trading below its target, which highlights a notable gap between market expectations and current performance.
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Other Institutional Activity in Western Digital
Several other institutional investors have recently adjusted their positions in Western Digital. Blackrock Inc. reduced its holdings by 2,814,989 shares, ending with 32,953,613 shares valued at about $10.9 billion. FMR, LLC also trimmed its stake by 5,638,170 shares, bringing its total to 25,983,645 shares worth approximately $8.6 billion. Meanwhile, Vanguard Capital Management LLC added 475,953 shares, increasing its total to 22,510,811 shares valued at around $7.5 billion.
Western Digital Corporation Stock Down 8.9%
As of October 16, 2026, Western Digital shares were trading at $339.33. This price is significantly below the 50-day moving average of $444.57 and the 200-day moving average of $409.74. Additionally, the stock is down 57.6% from its 52-week high of $799.87, indicating that it is underperforming compared to both its historical highs and moving averages.
$WDC price target
Western Digital Corporation daily closes and this analyst's $450 target. Not advice.
Recent Earnings
In its latest earnings report, Western Digital reported trailing twelve-month revenue of $12.9 billion and an earnings per share (EPS) of $26.92. The company has shown a year-over-year revenue growth of 43.8% and a net margin of 72.9%. Their next earnings report is scheduled for October 22, 2026.
Insider Buying and Selling at Western Digital Corporation
Recent insider transactions include several sales by executives. Cynthia Lock Tregillis, an officer, sold 1,483 shares valued at approximately $696,280 on August 27, 2026. Director Stephanie A. Streeter sold 5,600 shares worth around $2.5 million on September 1, 2026. These transactions occurred before the recent analyst rating change and do not suggest any negative outlook on the company.
Analysts Set New Price Targets
On October 16, 2026, Wells Fargo maintained its Overweight rating on Western Digital with a new price target of $450. Earlier, on October 12, UBS downgraded its target for Western Digital to $470 from $525. The consensus among analysts gives a mean price target of $668.5 based on 24 opinions, indicating a positive outlook despite the current share price.
About Western Digital
Western Digital Corporation is based in San Jose, California, and specializes in data storage solutions. The company develops and manufactures a range of products, including hard disk drives and external storage devices. With a workforce of around 40,000 employees, Western Digital serves customers globally, emphasizing innovation in data storage technology.
Bottom Line
Investors should keep an eye on Western Digital's upcoming earnings report on October 22, 2026, as well as any further updates from analysts. Wells Fargo's rating and target price suggest a cautious optimism about the company, even as shares trade below expected levels.
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Source: Wells Fargo's rating change on $WDC (Oct 16, 2026). Written by software, not financial advice. How we make alerts