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Shares of Western Digital (WDC) - Get Western Digital Corporation Report  were rising in premarket trading Monday after analysts at Loop Capital increased their rating on the stock to buy from hold and raised their price target to $75 from $50.

The new price target represents a 31% upside from the stock's closing price Friday of $57.34. The price target is still only a 10 times multiple of future expected earnings, but analyst Ananda Baruah does expect potential for that multiple to rise to 12 to 15 times future earnings. 

Loop sees the data storage device maker improving the average selling prices of its products quarter to quarter thanks to "slightly firmer than anticipated iPhone 11 demand."

Western Digital is expected to see flash average selling prices increase through the September and December quarters while also sustaining that momentum into calendar 2020. 

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Cloud HDD pricing also "could prove beneficial the next three to four quarters."

The stock rose 1.71% to $59.35 in premarket trading.

Western Digital shares have gained nearly 60% year to date.