Seagate price target raised to $260 from $175 at Wedbush

Wedbush analyst Matt Bryson raised the firm’s price target on Seagate (STX) to $260 from $175 and keeps an Outperform rating on the shares. The firm believes Seagate nearline units likely were around its expectations. Wedbush sees its ASP as likely conservative in light of lifting demand and limitations around industry drive supply. In addition, the continued ramp of Seagate HAMR drive shipments should help volume, pricing, and mix. Net, the firm believes Seagate will likely exceed its modeled outcome.