Western Digital shares on chip selloff and price target cut

Western Digital Corp shares dropped 4.6% in morning trading Friday, falling to $339.99 from an opening price of $347.73 and touching a session low of $337.00.

The decline came as the semiconductor sector faced broad selling pressure following U.S. inflation data that came in higher than expected. The inflation figures raised concerns that the Federal Reserve may need to increase interest rates further, a scenario that typically affects high-growth technology stocks.

The stock also faced pressure from competitive concerns in the memory and storage sector. China's CXMT recently announced progress on a new high-density 4F² DRAM architecture targeting the server memory market, raising concerns about potential pricing competition in the memory and storage industry.

The company also received a price target reduction from an analyst, adding to the downward pressure on shares during the trading session.

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