Western Digital shares decline narrows to 10% as Phibro revises target price to $700

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Western Digital shares dropped 10% on August 6, recovering from an initial 22% decline after the company reported better-than-expected Q4 2026 earnings. Revenue reached $3.75 billion, a 44% year-over-year increase, exceeding forecasts. Phibro raised its target price to $700 from $660. Activity in the digital asset market remains a key factor to watch for altcoins.

ME News reports that, as of August 6 (UTC+8), according to data from MSX.COM, Western Digital’s decline has narrowed to 10%, after initially plunging more than 22% at the open. Following the close of U.S. equities trading on Wednesday, Western Digital, a leading U.S. storage provider, released its fourth-quarter fiscal year 2026 results ending July 3. Driven by sustained strong demand for storage products, the company reported revenue and profits that both exceeded expectations, with net profit increasing more than twelvefold year-over-year. The financial report showed that Western Digital’s fourth-quarter revenue reached $3.75 billion, a 44% increase year-over-year, surpassing the market expectation of $3.692 billion and compared to $2.605 billion in the same period last year. Previously, Barclays raised its price target for Western Digital from $660 to $700. (Source: ODAILY)

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