Citi Starts Seagate Technology (STX) at Buy

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May 14, 2024 4:09 AM UTC
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Price: $352.80 -3.96%

Rating Summary:
    26 Buy, 21 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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(Updated - May 14, 2024 6:03 AM EDT)

Citi analyst Asiya Merchant initiates coverage on Seagate Technology (NASDAQ: STX) with a Buy rating and a price target of $110.00.

The analyst comments "We initiate Seagate (STX) with a Buy rating and $110 Target Price (20%+ ETR, including their dividends). Our positive view is based on industry checks suggesting a sustained HDD cyclical recovery from enterprise/hyperscalers which, coupled with our view of AI-driven storage demand growth, rational capacity additions, and HAMR-led cost improvements should enable STX to sustain higher revenue and earnings growth ahead."

For an analyst ratings summary and ratings history on Seagate Technology click here. For more ratings news on Seagate Technology click here.

Shares of Seagate Technology closed at $93.15 yesterday.


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