US Stocks Move: Western Digital rises over 6%, leading gains among memory storage stocks

Glonghui June 17｜Western Digital rose over 6%, leading storage sector stocks. Seagate Technology and Silicon Motion Technology gained over 4%, Rambus rose nearly 3%, and Micron Technology increased by more than 2%. On the news side, a Morgan Stanley research report pointed out that the upcycle in the HDD industry is extending, shortages are more severe than previously expected, and suppliers’ willingness to raise prices is much stronger than the market realizes. The bank 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 the dual logic of pricing cycle reassessment and a structural surge in demand.