Rosenblatt analyst Kevin Cassidy significantly raised the price target on Seagate to $370 from $270, maintaining a Buy rating, citing strong confidence in the adoption of the company's Heat-Assisted Magnetic Recording (HAMR) technology.
- BofA estimates that approximately 40 exabytes of HAMR drives were shipped in the fiscal second quarter.
- Five global cloud service providers have now qualified on the Mozaic 3+ technology.
- The stock is trading higher at $330.31, up 1.25%, significantly outperforming the broader market decline.