Key TakeawaysBank of America increased WDC’s price objective to $495 from $415, maintaining its Buy recommendationWedbush upgraded its forecast to $530 from $320, continuing with a Buy stanceCantor Fitzgerald boosted its projection to $500 from $420, retaining an Overweight designationAnalysts universally highlight constrained HDD availability, increasing average selling prices, and robust AI-fueled nearline storage requirementsWestern Digital announces fiscal Q3 2026 results on April 30; consensus projections call for $2.40 EPS and $3.25 billion in revenueAs Western Digital (WDC) prepares to unveil its fiscal third-quarter financial results on April 30, the data storage giant has received renewed support from three prominent Wall Street analysts. This week, Bank of America, Wedbush, and Cantor Fitzgerald each elevated their price projections, converging on a unified thesis: constrained hard disk drive availability coupled with explosive AI-infrastructure demand.Western Digital Corporation, WDCShares of WDC have experienced a remarkable ascent of approximately 900% over the trailing twelve months, currently trading around $404 — approaching the 52-week peak of $416.Analyst consensus anticipates the storage manufacturer will deliver earnings per share of $2.40 for the third quarter of fiscal 2026, representing a year-over-year surge of 76.5%. Revenue projections stand at $3.25 billion, marking roughly a 42% annual increase.Wedbush’s Matt Bryson delivered the most optimistic revision, elevating his price objective to $530 from $320 while preserving his Buy recommendation. Bryson emphasized that the HDD sector commenced 2026 facing a pronounced supply-demand imbalance that continues to intensify.Bryson highlighted explosive AI infrastructure investments and expanding data requirements for both AI training and inference operations as primary catalysts. He anticipates manufacturing capacity limitations will maintain supply constraints even as demand trajectories accelerate.For the upcoming quarterly report, Bryson forecasts WDC’s nearline drive shipments will reach 7.6 million units, anticipates hard disk drive average selling prices will climb 6%, and predicts gross margin expansion of 140 basis points to 47.5%.However, he acknowledged potential near-term obstacles, noting that manufacturing bottlenecks, extended supply commitments, and memory-related challenges could limit immediate upside momentum.Additional Bullish Perspectives from BofA and CantorBank of America’s Wamsi Mohan elevated his price target to $495 from $415, maintaining his Buy rating. Mohan reinforced the supply constraint narrative, characterizing it as a fundamental market transformation rather than a transient phenomenon. He projects sustained demand exceeding available supply with continued pricing power.Mohan’s optimistic scenario is particularly noteworthy: he envisions a trajectory toward 2028 earnings per share of $33, with dollar-per-terabyte pricing reaching $20 at a three-year compound annual growth rate of 12% and operating margins expanding to 55%.Cantor Fitzgerald similarly increased its target to $500 from $420 while maintaining an Overweight rating. The firm anticipates gross margins could achieve 50% or above beginning in the September quarter, potentially escalating to 60% by late 2028.Cantor revised its 2026 revenue projection upward to $14.7 billion with EPS of $12.55, both exceeding Street consensus. Looking toward 2027, the firm forecasts revenue of $18.2 billion alongside earnings per share of $18.50.Financial Position Shows Significant StrengthA recurring theme among analyst commentary centers on Western Digital’s dramatically improved financial foundation. Following the complete monetization of its Sandisk stake, the corporation now maintains a debt-free balance sheet. Cantor projects this financial flexibility could enable share repurchases exceeding $9 billion through 2028, contingent upon dividend policy determinations.S&P Global Ratings recently elevated Western Digital’s credit assessment to BBB-, acknowledging the company’s substantial debt reduction achievements.Notwithstanding the optimistic analyst sentiment, the consensus Wall Street price target spanning all 18 firms covering WDC stock remains at $375.56 — approximately 7.5% beneath current trading levels, underscoring the magnitude and velocity of the stock’s recent appreciation.Western Digital is scheduled to release fiscal third-quarter 2026 financial results on April 30.The post Western Digital (WDC) Stock Receives Bullish Price Target Upgrades Before Q3 Earnings appeared first on Blockonomi.