Seagate Tech, the Technology sector company, was revisited by a Wall Street analyst today. Analyst Mark Miller from Benchmark Co. maintained a Buy rating on the stock and has a $165.00 price target.
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Mark Miller has given his Buy rating due to a combination of factors that highlight Seagate Technologies’ strong performance and future prospects. The company reported impressive results for the June quarter, driven by robust global cloud demand, which led to record Nearline and gross margins. Despite the anticipated increase in corporate tax rates due to the Pillar Two framework starting in FY26, Seagate projects year-over-year growth for FY26, with non-GAAP earnings expected to rise by 27.5% to $10.33 per diluted share on sales of $10.7 billion.
Seagate’s strong financial performance is further evidenced by its F4Q25 results, which exceeded consensus expectations with non-GAAP net earnings of $2.59 per diluted share on sales of $2.44 billion. The company achieved record non-GAAP gross margins of 37.9%, supported by pricing adjustments, cost reductions, and increased sales in Nearline and enterprise segments. Additionally, Seagate’s strategic advancements in mass capacity and Nearline drive shipments, along with the ongoing qualification of its Mozaic HAMR-based drives with major cloud service providers, bolster its growth outlook. Consequently, Mark Miller maintains a Buy rating with an increased target price of $165.
According to TipRanks, Miller is a 5-star analyst with an average return of 16.2% and a 52.72% success rate. Miller covers the Technology sector, focusing on stocks such as Onto Innovation, SanDisk Corp, and Coherent Corp.
In another report released today, Cantor Fitzgerald also upgraded the stock to a Buy with a $175.00 price target.