As previously reported, BNP Paribas analyst Karl Ackerman upgraded Seagate (STX) to Outperform from Neutral with a $380 price target. The firm is gaining greater conviction that “robust” data center storage demand could drive an upcycle longer than the firm initially expected, says the analyst, who thinks a secular re-rating of Seagate as well as Western Digital (WDC) to “over 20x is justified.”
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