Morgan Stanley analyst Erik Woodring raised the firm’s price target on Seagate (STX) to $582 from $468 and keeps an Overweight rating on the shares, which are now the analyst’s Top Pick, replacing Western Digital (WDC). However, the analyst also raised the firm’s price target on Western Digital to $380 from $369 and keeps an Overweight rating on those shares too. The firm’s latest checks show hard disk drive demand continues to strengthen, with its supply/demand tracker now implying shortages through calendar year 2028, the analyst tells investors. Recent checks have picked up sustained hyperscaler demand strength, elongating customer visibility, firmer pricing into 2027, and an overall improving HDD end-market, the analyst added.
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