Benzinga | Jul 15, 2020 11:06AM EDT

Why Western Digital's Stock Is Trading Higher Today

Western Digital (NASDAQ:WDC) shares were trading higher on Wednesday after analysts at Bernstein initiated coverage on the stock with an Outperform rating and announced a $60 price target.

Western Digital is a leader in the hard disk drive and flash markets. The company develops, manufactures, and provides data storage solutions to consumers, businesses, and governments. The company's product portfolio includes hard disk drives, solid-state drives, and public and private cloud data center storage solutions. Western Digital's SanDisk acquisition positions the company as a broad-based provider of media-agnostic storage solutions.

Western Digital shares were up 4.32% at $43.86 during the time of publication on Wednesday. The stock has a 52-week range between $72 and $27.40.