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After the blockbuster earnings report from data storage provider Seagate Technology Holdings plc (STX), multiple analysts have raised their price targets on its stock. The main reason is the company’s strong execution, reflected in its earnings growth, as well as the pricing power it is enjoying as the storage market remains tight.
Citi analyst Asiya Merchant reaffirmed her “Buy” rating and raised the price target from $1,240 to $1,300. Merchant cited the company’s favorable pricing, favorable product mix, and continued ramp of its Mozaic4 hard drive storage platform designed for AI. It is seeing strong demand from hyperscalers, growing workloads, and data retention.
