Movement Alert｜Seagate Technology Rises 3.16% in Regular Trading, Citi Raises Target Price to $1150 as Storage Sector Rallies

Market Focus06-03

On June 3, Seagate Technology rose 3.16% in regular trading, trading at $957.235/share, with trading volume of $772 million. The rally was driven by Citi significantly raising its target price from $740 to $1150 while maintaining a buy rating, alongside broad-based strength in the storage sector.

The upgrade marks the latest in a series of bullish institutional calls. Bank of America Securities previously raised its target to $900, while Barclays and Evercore ISI both set $1000 targets. The consensus mean price target stands at $843.59 according to FactSet. Industry analysts cite AI-driven structural demand expansion as the core growth catalyst, with global AI competition increasingly centering on storage rather than compute power, potentially exacerbating unprecedented chip supply tightness.

Within the Technology Hardware, Storage & Peripherals sector, storage names led gains: Western Digital rose 6.42%, SanDisk Corp. gained 4.87%, while Apple fell 1.28%, Dell Technologies declined 3.17%, and Hewlett Packard Enterprise dropped 1.67%. Notably, CEO William D. Mosley sold 11,170 shares on June 1 at prices between $916.34 and $940.07.

(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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