Seagate Technology PLCAI storage demand driving data center revenue up 55% YoY

Seagate Technology shares have surged 252.59% year to date and 590.38% over the past year, driven by AI storage demand, but 24/7 Wall St. rates the stock a hold with a $910.77 price target, implying a 5.96% downside from the current $968.53. The firm's third-quarter data center revenue jumped 55% year-over-year to $2.5 billion, and management raised its minimum annual revenue growth target to 20%. Fox Advisors downgraded the stock to equal-weight, citing overly optimistic hard disk drive pricing assumptions, while net insider selling across 197 transactions adds to valuation concerns. Bullish analysts at Mizuho and Morgan Stanley have targets of $1,090 and $1,035 respectively, based on a multi-year HDD shortage thesis.
Seagate Technology PLCAI storage demand driving data center revenue up 55% YoY
NVIDIA Corporation