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Seagate's AI Future: Analysts Boost Targets
22 Jun
Summary
- Mizuho raised Seagate's price target to $1,090, citing AI roadmap.
- Wells Fargo increased its price target to $900, noting AI demand.
- Seagate develops and produces data storage solutions.
Analysts are showing increased confidence in Seagate Technology Holdings Plc (STX) as a key player in the AI memory market. As of June 8, Mizuho elevated its price target for STX to $1,090 from $875, maintaining an Outperform rating. This adjustment followed a review of the company's artificial intelligence application-specific integrated circuit roadmap, with projections indicating a substantial increase in tensor processing units by 2028.
Further bolstering Seagate's outlook, Wells Fargo raised its price target on STX to $900 from $700 on June 1, reiterating an Equal Weight rating. This move was influenced by feedback from the firm's recent Silicon Valley Bus Tour, which highlighted robust demand driven by AI data center expansion and the growing adoption of AI inferencing and Agentic AI.
Seagate is fundamentally involved in the development, production, and distribution of a wide array of data storage products. Its portfolio includes essential components such as solid-state drives, hard disk drives, and comprehensive storage subsystems, catering to the evolving needs of the data storage industry.
