Bank of America Securities analyst Wamsi Mohan reiterated a Buy rating on Seagate Tech yesterday and set a price target of $255.00.
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Wamsi Mohan has given his Buy rating due to a combination of factors including Seagate Tech’s anticipated financial performance and strategic positioning. The company is expected to report first-quarter revenue and earnings per share that surpass market expectations, driven by strong demand from cloud services and improvements in revenue and margins.
Additionally, Seagate’s ongoing transition to higher-capacity HAMR hard drives is seen as a positive development, despite some temporary constraints on revenue and margin growth due to capacity allocation for this ramp-up. The forecast for the second quarter also suggests further revenue and margin improvements, reinforcing the Buy rating based on the company’s growth trajectory and strategic initiatives.
In another report released on October 16, Wedbush also maintained a Buy rating on the stock with a $260.00 price target.
Based on the recent corporate insider activity of 124 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.