Seagate Stock Soars as Analysts Raise Targets on AI-Driven Data Storage Demand

Company Performance - Seagate Technology shares surged close to 7% on Wednesday and are up more than 21% over the past year [4] - The company's fiscal second-quarter results topped estimates, leading to a jump in its stock price [1] Analyst Opinions - Morgan Stanley analysts called Seagate's stock a "top pick," citing AI-driven demand for data storage [2][4] - Morgan Stanley raised its price target to $134 from$129 and maintained an "overweight" rating [2] - Mizuho analysts boosted their price target to $115 from$107 [3] - Citi increased its price target to $125 from$120 [3] - The consensus target compiled by Visible Alpha is $117, an 8$108.18 [3] Industry Trends - Accelerating data growth is pushing up demand for storage both in the cloud and on-premises, benefiting Seagate [2] - The company is ramping up production of its high-capacity hard drives based on HAMR (heat-assisted magnetic recording) technology, which analysts see as a tailwind going into the back half of the year [3][4]