May 21, 2024 2:16 pm
The Surge in Seagate Technology Stock Prices Today

Seagate Technology (STX) stock is experiencing a significant surge in Tuesday’s trading session, with its share price increasing by 9% as of 3 p.m. ET. According to S&P Global Market Intelligence data, the memory chip company’s stock is currently trading at $8.24.

Morgan Stanley has recently upgraded its rating on Seagate from equal weight to overweight and raised its one-year price target from $73 per share to $115 per share. This suggests that the firm anticipates the stock to reach a new valuation high in the near future, despite having risen approximately 56% over the past year and still being down around 17% from its peak.

The analysts at Morgan Stanley believe that Seagate will benefit from the ongoing recovery in the data storage market and its leading position in heat-assisted-magnetic-recording (HAMR) technologies will drive stronger sales and earnings performance. Additionally, with the rise of generative artificial intelligence (AI), demand for Seagate’s products is expected to be a significant performance driver.

Keith Noonan and The Motley Fool have disclosed their policy regarding this information and do not have any positions in the mentioned stocks.

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