Seagate Technology shares rise after Wells Fargo raises rating, citing potential $50 EPS and capital return capacity.
Seagate Technology (STX) stock climbed Friday following an upgrade to overweight by Wells Fargo analysts. The firm cited expectations for upcoming earnings to bolster investor confidence, projecting potential earnings per share of $50 and significant capital return capacity ahead.
The upgrade follows a recent pullback in STX shares, with analysts highlighting a recovery path amid broader market volatility. No prior consensus or comparable period data was provided for the earnings projection.
Separately, SK Hynix raised $26.5 billion in its U.S. listing, set to begin trading Friday, while memory-chip peers Micron and Sandisk declined.