Citi raised the firm’s price target on Seagate (STX) to $140 from $125 and keeps a Buy rating on the shares following the company’s first analyst day since 2021. The company presented better than expected revenue growth and profitability targets and announced a $5B in buyback authorization to begin in the coming few quarters, the analyst tells investors in a research note. Citi increased estimates on Seagate’s increased revenue and profitability.
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Read More on STX:
- Seagate Tech: Balancing Optimism and Caution with a Hold Rating Amid Growth Projections and Execution Risks
- Seagate’s Promising Growth: Technological Advancements and Financial Outlook Drive Buy Rating
- Seagate says focusing on reducing debt
- Seagate says will start share buyback program ‘fairly soon’
- Seagate sees revenue up at low- to mid-teens CAGR 2024-2028