Seagate (STX) Deal with Zoom for Meeting Recordings 'Sets Stage for Further Adoption and Long-Term Growth' - Stifel

Stifel analyst Patrick Ho reiterated a Buy rating and $115.00 price target on Seagate Technology (NASDAQ: STX) saying news on Tuesday that the company "reached an agreement with Zoom that will [allow its] customers to use Seagate’s Lyve Cloud to store meeting recordings" sets the state for further adoption and long-term growth.

Ho commented, "No terms were disclosed except that it is a multi-year deal, but we believe this is a prominent customer win, and potentially sets up additional wins to come over time. As a reminder, Lyve Cloud was introduced earlier this year, and is part of the overall Lyve platform (which includes Mobile and Rack) that provides multiple capabilities in the distributed enterprise ecosystem. We believe this win is further validation of the continued evolution and secular growth trends in the storage market. We maintain our Buy rating on the shares and continue to be favorably biased on the long-term opportunities for Seagate."

For an analyst ratings summary and ratings history on Seagate Technology click here. For more ratings news on Seagate Technology click here.

Shares of Seagate Technology closed at $86.84 yesterday.

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