Seagate Technology shares climb in tech sector rebound

Seagate Technology shares added 3.4% in morning trading on Monday, reaching $660.78 as technology and AI-related stocks recovered following the Nasdaq's sharpest weekly decline in recent months.

The gain was part of a broader sector recovery rather than a response to company-specific news. Buyers returned to technology stocks after last week's selloff prompted a reassessment of valuations across the sector.

Seagate had declined approximately 15% during the previous week. On October 16, Wells Fargo reduced its price target on the stock to $865 from $1,180 while keeping an Overweight rating. Investor concerns about Toshiba potentially competing for TDK's magnetic-heads business also contributed to the selling pressure.

The stock now trades below the average analyst price target, which appears to have attracted buying interest.

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