• Thu. Jun 13th, 2024

Seagate Stock Surges 9% on Morgan Stanley Upgrade and Price Target Boost

BySamantha Johnson

Mar 27, 2024
The Surge in Seagate Technology Stock Price Today

As of 3 p.m. ET, Seagate Technology (STX) stock is experiencing a 9% increase in share price due to an upgrade from equal weight to overweight by Morgan Stanley this morning. The analysts also raised their one-year price target on Seagate stock from $73 per share to $115 per share.

Despite the fact that Seagate’s stock has increased by 56% in the last year, it is still down about 17% from its high. However, Morgan Stanley’s coverage suggests that they believe the storage hardware specialist will reach a new peak valuation in the near future. The firm predicts that Seagate will benefit from the recovery in the data storage market and its position in HAMR technologies, which will lead to stronger sales and earnings performance. Furthermore, they anticipate that demand related to the rise of generative AI will be a significant performance driver.

With the data storage industry on an upswing and AI-related demand growing, Seagate’s profitability could see substantial improvements. Morgan Stanley’s analysts believe that Seagate’s earnings performance in the near term could exceed expectations by 25% to 30%. Additionally, the connection to the AI revolution may result in investors assigning higher valuation multiples to Seagate and other data storage stocks.

By Samantha Johnson

As a dedicated content writer at newsanguinely.com, I weave words into compelling stories that captivate and inform our readers. With a passion for storytelling and a keen eye for detail, I craft engaging articles that shed light on the latest news and trends. When I'm not typing away at my keyboard, you can find me exploring new ideas, researching diverse topics, and striving to deliver content that resonates with our audience. Join me on this journey as we uncover the stories that matter most.

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