Western Digital (WDC -7.41%) stock has bounced nearly 7% since Oct. 23. But at roughly $366 as of this writing, the hard drive maker’s shares are still down about 51% from the record close of about $746 they set on June 18. This is a business whose non-GAAP (adjusted) earnings per share just grew 161% year over year.
Where might the stock be by 2030?
My estimate is about $500 a share. I get that by multiplying adjusted earnings per share of about $33.50 in fiscal 2030 by a P/E ratio of 15. From today’s price, about $500 would mean returns of roughly 8% a year before dividends.
Put simply, I think the company can keep growing at a solid clip. But the stock likely won’t get back to its June high by 2030.
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