Seagate Technology (STX) PT Raised to $110 at Mizuho

Mizuho analyst Vijay Rakesh raised the price target on Seagate Technology (NASDAQ: STX) to $110.00 (from $100.00) while maintaining a Buy rating.

The analyst commented: "Maintain Buy and raise estimates and PT to $110 (prior $100). Maintain our JunQ rev/EPS at $1.85B/$0.70 (cons. $1.86B/$0.71), while raising F25E(Jun) from $8.8B/$5.50 to $8.9B/$5.66 (cons. $8.82B/$5.59) and F26E(Jun) from $10.2B/$7.82 to $10.4B/$8.38 (cons. $10.1B/$8.19). Maintaining our Buy and raise PT to $110 (prior: $100), ~19.4x our F25E P/E, a discount to the SOX at ~23x and with F25E EPS estimated to ~6x y/y. We believe STX could see better cloud/enterprise demand into F25E and beyond with additional tailwinds from higher storage needs tied to AI on-device."

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