BofA lowered the firm’s price target on Seagate (STX) to $112 from $130 and keeps a Buy rating on the shares. The Hard Disk Drive industry is in a strong cyclical upturn, with rising demand from cloud, AI, and video storage fueling growth, the analyst tells investors in a research note. Seagate is positioned well to expand revenues and margins as exabyte shipments increase, though the firm is cutting its price target on the stock to reflect higher taxes, BofA added.
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