Markets
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Nia Warfield

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.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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