Data storage company Seagate Technology (STX) shares climbed to a new record high after rising nearly 3% on Monday, extending a strong year-to-date rally. The stock’s strong upward streak is fueled by optimism around AI-driven demand for data storage solutions. Year-to-date, STX stock has gained 90%.
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Seagate Technology designs and manufactures data storage products and is best known for its hard disk drives and enterprise storage systems.
Top Analyst Maintains Buy Rating on STX Stock
The latest surge came after Cantor Fitzgerald’s five-star-rated analyst C J Muse reiterated his Buy rating on STX stock, pointing to strong demand. Muse highlighted strong demand for Seagate’s high-capacity hard drives, benefiting from increased spending on cloud and AI infrastructure. He also expects solid pricing to support margins, while long-term contracts through 2026 help secure demand.
On the risk side, potential tariffs are still a concern. Meanwhile, Muse noted that Seagate is waiting for the government’s decision on Section 232 and expects more updates soon.
Muse kept his price target at $175 on STX stock, predicting around 7% upside from current levels.
Is STX a Good Stock to Buy?
After Monday’s gains, Seagate closed above $164 a share for the first time, above its 52-week high of $160.57. Most of the stock’s rally came in the past four months. Back in early April, shares were still trading in the $60s amid market sell-offs tied to tariff concerns.
Turning to Wall Street, analysts have a Moderate Buy consensus rating on STX stock based on 13 Buys, three Holds, and one Sell assigned in the past three months. Meanwhile, the average Seagate stock price target of $164.0 per share is similar to the current share price.
