Seagate Technology (STX) PT Raised to $110 at Cantor Fitzgerald

Cantor Fitzgerald analyst C.J. Muse raised the price target on Seagate Technology (NASDAQ: STX) to $110.00 (from $100.00) while maintaining a Neutral rating.

The analyst commented, "Seagate reported a solid beat and raise for the March Q and June Q guidance on sustained Cloud/hyperscale demand. Unlike other recent semi reporters who have discussed a less clear 2H25 on tariff and macro headwinds, Seagate expressed relative confidence in its overall CY25 assumptions, citing strong visibility with its build-to-order strategy extending through CY25 and now into 1HCY26. Furthermore, the company expects continued gross margin expansion through the year on growing revenues, favorable mix as customers continue to migrate to higher capacity drives, HAMR contribution, and incrementally higher like-forlike pricing. HAMR appears to be ramping well, with a second major CSP customer nearing the conclusion of qualifications, auguring well for meaningful revenues in the back half of the year. EB growth will continue to be driven by technology transitions, with room above the 160EB target the company has previously discussed. Overall, we view this as a very strong report with few areas to nitpick at and expect strength to carry over to WDC's report tomorrow morning. Our estimates are going higher, with CY25/CY26 EPS going to $8.95/$10.60 from $8.10/$9.50 (consensus $8.30/ $9.92). We raise our price target to $110 from $100, based on a similar 10x multiple on our higher CY26 estimate. We reiterate our Neutral rating on shares."

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