"Citi raised its Seagate target to $595 from $480 and lifted its Western Digital target to $405 from $335, citing continued solid supply and demand for storage, improving pricing dynamics, and AI demand accelerating the generation of unstructured data."
"Seagate's most recent quarter delivered revenue of $2.825 billion, up 21% year over year, with a record non-GAAP gross margin of 42%. Non-GAAP EPS came in at $3.11, beating the $2.84 estimate."
"The engine behind those numbers is Seagate's HAMR-based Mozaic product line, which is ramping into hyperscale data centers hungry for high-capacity drives."
Citi increased its price targets for Seagate to $595 and Western Digital to $405, maintaining Buy ratings for both. This reflects a bullish trend in the storage sector, driven by solid supply-demand dynamics and AI demand for unstructured data. Seagate's stock has risen 83% year-to-date, supported by strong quarterly revenue of $2.825 billion and a record gross margin of 42%. The growth is attributed to Seagate's HAMR-based Mozaic product line, which meets the increasing demand for high-capacity drives in hyperscale data centers.
Read at 24/7 Wall St.
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