Movement Alert｜Seagate Technology PLC Rises 5.71% in Regular Trading, BNP Paribas Raises Target Price to $1275 on AI Storage Demand

Market Focus08-04

On August 4, Seagate Technology PLC rose 5.71% in regular trading, trading at $851.78/share, with turnover of $179 million.

On the news front, BNP Paribas maintained its Outperform rating on Seagate and raised its target price significantly from $1,050 to $1,275, implying approximately 58% upside from current levels. BNP Paribas noted that AI demand growth is outpacing Seagate's annual 25% EB shipment growth target, positioning the company to secure favorable pricing terms on both nearline and non-nearline products, potentially extending the industry upcycle.

The upgrade follows a wave of bullish analyst actions. Citigroup raised its target to $1,300, JPMorgan to $1,240, Barclays to $1,250, and Argus to $900, all citing AI-driven data center storage tailwinds. These moves came after Seagate reported strong Q4 results with revenue of $3.63 billion (up 48% YoY), adjusted EPS of $5.71 (up 120% YoY), and a record gross margin of 52.7%. The broader storage sector also rallied, with SanDisk up 6.16% and Western Digital up 2.42%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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