TD Cowen analyst Krish Sankar raised the firm’s price target on Seagate (STX) to $850 from $500 and keeps a Buy rating on the shares. The firm said what used to be an industry with declining pricing power and a contracting TAM has, over the last 3yrs, transformed into one with gradually improving pricing power and a growing TAM as cloud mix has increased from 25% in 2019 to roughly 65% this year.
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