Seagate price target raised to $330 from $160 at Evercore ISI

Evercore ISI raised the firm’s price target on Seagate (STX) to $330 from $160 and keeps an Outperform rating on the shares. The Hard Disk Drive industry, which benefits from a blend of structural tailwinds, including AI and cloud demand driving exabyte shipment growth, improved pricing discipline, and technological advancements like HAMR, is poised for sustained upside, the analyst tells investors. The HDD sector is “on a path to transformation,” which sets the stage for potential valuation re-rating and sustained financial performance improvements, the analyst argues.