Seagate price target raised to $250 from $165 at Benchmark

Benchmark raised the firm’s price target on Seagate (STX) to $250 from $165 and keeps a Buy rating on the shares. Lead times for high-capacity drives have extended to almost one-year and Western Digital (WDC) has announced that it will be gradually implementing price increases in all hard disk drive products, citing unprecedented demand for every capacity in its HDD portfolio, the analyst tells investors. As a result, the firm sees higher Seagate HDD prices and margins, which argues for multiple expansion, argues the analyst, whose FY26 estimates now calls for non-GAAP EPS of $10.49 on sales of $10.78B, up from prior estimates of $10.33 and $10.7B, respectively.