Seagate price target raised to $385 from $335 at UBS

UBS analyst Timothy Arcuri raised the firm’s price target on Seagate (STX) to $385 from $335 and keeps a Neutral rating on the shares. Seagate is executing strongly with rising gross margins, disciplined order intake within lead times, and growing customer alignment, while the HAMR rollout gains momentum after qualifying major U.S. hyperscalers, the analyst tells investors in a research note. Despite upward EPS revisions reflecting better fundamentals, valuation appears stretched as the stock discounts a prolonged industry upcycle even as broader memory markets have seen limited multiple expansion, UBS says.