Morgan Stanley raised its price target on Seagate Technology Holdings to $1,035 from $767 while maintaining an Overweight rating. The firm cited Asian market checks indicating the hard disk drive cycle is lasting longer than expected, with shortages likely persisting through at least 2028 and pricing strengthening significantly. Seagate expects June quarter revenue of about $3.45 billion and adjusted earnings per share of $5, and it is targeting an operating margin in the lower 40% range. The company also plans to increase its annual revenue growth target to a minimum of 20% over the next few years.
Seagate Technology PLCMorgan Stanley raised its price target on Seagate, citing strong demand and pricing, and Seagate raised its own revenue and margin targets.
Morgan Stanley