Movement Alert｜Seagate Technology PLC Rises 3.01% in Regular Trading, BNP Paribas Raises Target Price to $1,275 Amid Storage Sector Strength

Market Focus08-05 23:09

On August 5, Seagate Technology PLC rose 3.01% in regular trading, trading at approximately $870.81 per share, with turnover of $8.42 billion. The rally was driven by continued bullish momentum from BNP Paribas's significant target price upgrade and broader storage sector strength.

BNP Paribas maintained its Outperform rating on Seagate and raised its target price from $1,050 to $1,275, implying approximately 58% upside from the current price. The bank noted that AI-driven 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.

Fundamentally, Seagate's Q4 fiscal year results remain a key support, with revenue of $3.629 billion representing 48% year-over-year growth, adjusted EPS of $5.71 surging 120%, and gross margin hitting a record 52.7%. In addition to BNP Paribas, Citi, JPMorgan, and Barclays have also collectively raised their target prices, reflecting broad institutional confidence in AI-driven data storage demand.

(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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