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Cantor upgrades Seagate to Overweight on post-earnings selloff

Cantor Fitzgerald upgraded Seagate (STX) to Overweight from Neutral with an unchanged price target of $175. The stock in premarket trading is down 6%, or $9.81, to $142.87. The firm expects the stock’s re-rating to continue despite the weaker than expected September quarter guidance. Cantor cites the post-earnings selloff for the upgrade, as its price target now represents over 20% upside. Seagate’s target model suggests upside into fiscal 2028 approaching at least $250 per share, the analyst tells investors in a research note. Cantor believes this suggests the hard-disk-drive “re-rating story” is only in the third inning.

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