What's Going On With The Jump In Western Digital Stock?

Western Digital (WDC) shares surged 14.70% to $645.69 after Morgan Stanley analyst Erik Woodring raised his price target from $488 to $650 and reaffirmed an Overweight rating. Woodring raised FY27 and FY28 earnings estimates to $22.40 and $43.47 respectively, citing 30%+ year-over-year nearline enterprise growth, accelerating pricing, and expanding margins. The stock is trading at new 52-week highs with strong technical momentum, though MACD indicators suggest potential for pullbacks.