Seagate Technology (NASDAQ:STX) climbs 5.87% to $107.19 as of 09:35:14 AM ET Wednesday after delivering a stronger-than-expected fiscal Q2. Wall Street reacts with upgrades and higher price targets.
Benchmark Equity upgrades the stock to Buy with a $120 target. Analyst Mark Miller sees cloud demand and AI growth pushing earnings 25% higher in 2025, reaching $9.96 per share. Supply constraints may hit the March quarter, but long-term prospects look solid. Morgan Stanley sticks with its Overweight rating and lifts its target to $134 from $129. Analysts call the December quarter a beat, noting that March supply issues won't last. Mizuho Securities boosts its price target to $115, pointing to AI-driven storage demand and Seagate's HAMR storage technology gaining traction.
BofA Securities lifts its target to $130, believing the HDD industry still has room to run. With multiple quarters of upside ahead, analysts expect more growth in fiscal Q4 2025 and beyond. Seagate's future looks bright.
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