Seagate Stock Has Already Staged a Massive Rally, But Wells Fargo Analysts Say STX Can Still Go Higher

Financial services major Wells Fargo has upgraded the shares of hard disk drive (HDD) maker Seagate (STX) to “Overweight,” citing strong demand and average selling price accretion in the coming times. Notably, the price target of $1,100 implies a potential upside of 27% from current levels.

Along with continued visibility in demand, strong free cash flow generation was another tailwind that the broker reckons is working in favor of the company.