Seagate shares jump 5.5%, as analysts raise targets on AI demand

Seagate Technology (STX) shares rose over 5.5% on July 18. Citigroup, Wells Fargo, and UBS increased their price targets ahead of the July 28 fiscal fourth-quarter earnings report.

Analysts expect surging demand for high-capacity storage to support AI data centers and cloud infrastructure. Firm hard disk drive (HDD) pricing and accelerating exabyte demand further support the positive outlook.

Citigroup raised its price target to $1,240. Wells Fargo upgraded the stock to Overweight with an $1,100 target.