Western Digital rises over 6%, leading the storage concept stocks

Golden Finance reports that on June 17th, Western Digital rose over 6%, leading the storage concept stocks, Seagate Technology and Kingston Technology rose over 4%, Rambus increased nearly 3%, and Micron Technology rose over 2%.
On the news front, Morgan Stanley's research report pointed out that the upcycle in the HDD industry is lengthening, with shortages more severe than previously expected, and suppliers' pricing willingness is also much stronger than the market perceives. The firm raised Seagate's target price from $767 to $1,035, and Western Digital's target price from $488 to $650; if pricing reaches an extremely optimistic scenario, both companies' EPS could achieve approximately 10-fold growth between CY25 and CY28. Additionally, TD Cowen significantly raised Micron Technology's target price from $660 to $1,500, based on two main reasons: re-evaluation of the pricing cycle and a surge in structural demand.
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