September 28, 2025 09:00 PM GMT IT Hardware M North America Insight Stronger For Longer — Materially Raising our HDD Price Targets & Forecasts Strengthening demand for data-enabling technologies is widening the HDD supply/demand gap and extending cycle peak into CY28. This 'Stronger for Longer' cycle should drive record growth and margins, with a structural re-rating still underappreciated by market. Remain OW WDC/STX; WDC still Top Pick. Morgan Stanley does and seeks to do business with companies covered i ...