Stock Track | Seagate Technology Soars 5.17% Intraday After Bernstein Hikes Price Target to $620

Stock Track04-01

Seagate Technology PLC's stock soared 5.17% during intraday trading on Wednesday, marking a significant upward move for the data storage company.

The surge follows a positive analyst action from Bernstein, which raised its price target on Seagate to $620 from $500, reiterating its "outperform" rating. The firm cited Seagate's head start in HAMR (Heat-Assisted Magnetic Recording) technology, which is expected to translate into a meaningful cost advantage as it becomes a larger portion of the company's shipment mix.

Analysts at Bernstein also noted that fears over the impact of Google's TurboQuant algorithm on storage demand are overdone, stating the technology has effectively zero impact on hard disk drive demand. The firm views the recent sector-wide sell-off as having created attractive entry points for stocks like Seagate.

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