Seagate Technology (STX) shares jumped Wednesday as several analysts raised their price targets for the data storage solutions provider's stock after the company's fiscal second-quarter results topped estimates.
Morgan Stanley analysts called Seagate's stock a “top pick,” amid a “period of AI-driven storage demand growth.” The analysts said accelerating data growth is pushing up demand for storage both in the cloud and on-premises, which benefits Seagate. Morgan Stanley lifted its price target to $134 from $129, and maintained an “overweight” rating.
Elsewhere, analysts at Mizuho boosted their price target to $115 from $107, and Citi increased its target to $125 from $120. The consensus target compiled by Visible Alpha is $117, an 8% premium over Wednesday’s closing price of $108.18.
Seagate said Tuesday it is ramping up production of its high-capacity hard drives based on HAMR (heat-assisted magnetic recording) technology, which Mizuho analysts added could act as a tailwind going into the back half of the year.
Shares of Seagate surged close to 7% Wednesday and are up more than 21% over the past year.
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