Analyst Mark Miller of Benchmark Co. maintained a Buy rating on Seagate Tech (STX – Research Report), with a price target of $120.00.
Mark Miller has given his Buy rating due to a combination of factors including Seagate Technologies’ strong financial performance and future growth prospects. The company reported better-than-expected results for the recent quarter, with non-GAAP net earnings surpassing consensus estimates. Despite some supply constraints, Seagate’s sales showed significant year-over-year growth, particularly in the Nearline segment, which is expected to continue its strong performance into fiscal year 2026.
Moreover, Seagate has demonstrated improvements in gross margins, aided by pricing adjustments and cost reductions. The company is also making strategic advancements with its Mozaic 3+ HAMR drives, securing new build-to-order agreements and expanding its customer base in the cloud sector. These factors, combined with minimal expected impact from tariffs and a positive earnings outlook for 2026, support the Buy rating with a target price of $120.
In another report released yesterday, TD Cowen also maintained a Buy rating on the stock with a $135.00 price target.
Based on the recent corporate insider activity of 96 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of STX in relation to earlier this year.