Bernstein raised the firm’s price target on Seagate (STX) to $620 from $500 and keeps an Outperform rating on the shares. Memory and hard disk drive stocks have sold off significantly on concerns around Google’s TurboQuant report, the analyst tells investors in a research note. Bernstein, however, believes TurboQuant should have “zero impact” on hard disk drive demand and “negligible impact” on NAND demand. The selloff creates an attractive point for Seagate, contends the firm.
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