Seagate Stock Surges on BofA Securities Upgrade to $400, Citing Sold-Out AI Demand

Seagate shares surged 5.59% on January 21 following a bullish outlook from BofA Securities, which maintained a Buy rating based on strong demand for high-density drives.

• BofA Securities significantly increased the price target from $320 to $400.
• The upgrade was driven by Seagate’s capacity leadership, fueled by robust cloud and AI-driven demand.
• Analysts noted that production is reportedly nearly sold out through mid-2026, supporting higher margins ahead of the January 27 earnings report.