Seagate pops as analysts double down on AI-driven momentum
Seagate Technology Holdings shares were up about 3.4% Monday afternoon, among the leaders of the S&P 500, after another show of confidence from Wall Street.
Cantor Fitzgerald reiterated its “buy” rating and stuck a $175 price target on the stock, or about 6% above current trading levels. The firm pointed to strong demand for Seagate’s mass-capacity hard drives, a sweet spot as cloud and AI infrastructure spending ramps.
Analysts also expect pricing strength to keep boosting margins, with long-term contracts stretching into 2026 helping lock in demand. Just last month, Seagate beat on Q3 results, but shares slipped after its forecast for Q1 profit and earnings came in light.
Even so, Wall Street has stayed optimistic: Wedbush Securities restated its “buy” rating with a $175 target last month, while TD Cowen also kept its “buy” call, betting that storage and AI demand will continue powering growth.
Seagate shares are now up 91% year to date.
