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Seagate price target raised to $135 from $125 at BofA

BofA raised the firm’s price target on Seagate (STX) to $135 from $125 and keeps a Buy rating on the shares. After having hosted Seagate CFO Gianluca Romano for meetings, the firm walked away “very encouraged” by the medium and long-term targets set out at the investor day, the analyst tells investors. The firm remains confident in Seagate’s areal density roadmap, ability to manage supply / demand through the cycle, ability to manage costs in future downcycles, long-term demand for HDDs in the data center and higher margin levels, BofA added.

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