Western Digital (NASDAQ:WDC) shares declined 3.6% to $372.95 in pre-market trading on Tuesday after UBS reduced its price target for the data storage company, citing uncertainty surrounding hard disk drive (HDD) supply capacity and future pricing conditions.

UBS analyst Timothy Arcuri lowered his price target to $470 from $525 while maintaining a Neutral rating on the stock. The revision comes ahead of Western Digital’s anticipated late-October earnings announcement and follows several developments that have raised concerns about the outlook for the storage industry.

The shares also faced pressure from broader weakness in technology and semiconductor stocks, as…