Analysts raise Seagate’s price targets to $1,150-$1,300 citing AI infrastructure demand and tightening HDD supply through 2028.
Bank of America raised Seagate’s price target to $1,150 from $1,000, maintaining a Buy rating, citing disciplined industry capacity expansion and expected pricing power as contracts renew. The firm noted most nearline HDD volume is under build-to-order agreements.
Cantor Fitzgerald and Morgan Stanley also lifted targets to $1,300 and $1,035, respectively, highlighting AI-driven demand and supply constraints. Morgan Stanley’s Asia checks indicated shortages extending through 2028, with HDD pricing strengthening meaningfully.
Industry revenue is projected to reach $3T by 2029 and potentially exceed $3.5T by 2030, driven by AI infrastructure buildout and semiconductor cycle tailwinds.