Sat. Jun 22nd, 2024
1 Wall Street Analyst Predicts Seagate Technology Stock to Rise by 21%

In the past year, Seagate Technology (STX -0.56%) has experienced a significant rally in the data storage industry due to improvements and expectations of increased demand for artificial intelligence (AI). The company’s stock price has risen by 11% in 2024 and 54% over the last 12 months, leading some investors to believe that the stock may continue to increase in value.

Morgan Stanley recently upgraded its rating on Seagate stock from equal weight to overweight, with a new price target of $115 per share, up from $73 per share. If the stock were to reach this target, it would represent a new all-time high valuation for Seagate, indicating potential upside of around 21% from its current trading price.

The current market conditions and increasing demand for AI technologies are aligning in favor of Seagate, leading to a positive outlook for the company’s performance. Morgan Stanley believes that Seagate’s earnings for the year could be 25% to 30% higher than originally anticipated, driven by strong industry positioning and the growth of generative AI technologies.

Seagate operates in a cyclical industry, with current trends indicating a potential upturn for the company. As demand for data storage solutions increases and pricing trends improve, Seagate stands to benefit from an improvement in its earnings over the next few years. The growing role of AI in technology is expected to create new opportunities for data storage solutions, positioning Seagate for potential growth in the future.

Overall, investment analysts see Seagate as a promising investment opportunity due to its strong positioning within

By Aiden Nguyen

As a content writer at, I delve into the realms of storytelling with the power of words. With a knack for research and a passion for crafting compelling narratives, I strive to bring forth engaging and informative articles for our readers. From decoding complex concepts to unraveling current events, I aim to captivate and educate through the art of writing. Join me on this journey as we explore the ever-evolving landscape of news and knowledge together.

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