The Surge in Seagate Technology Stock Prices Today

Seagate Technology (STX) stock is experiencing a surge in Tuesday’s trading session, up 9% as of 3 p.m. ET. According to S&P Global Market Intelligence data, the memory chip company’s stock is currently trading at $8.24.

Morgan Stanley has just released a note on Seagate, upgrading its rating on the stock from equal weight to overweight. The firm’s analysts also raised their one-year price target on Seagate stock from $73 per share to $115 per share.

Despite having risen approximately 56% over the past year, Seagate stock is still down around 17% from its peak. However, Morgan Stanley’s latest coverage suggests that the firm anticipates the stock to reach a new valuation high in the near future.

The analysts at Morgan Stanley believe that Seagate will benefit from the ongoing recovery in the data storage market. They also expect the company’s leading position in heat-assisted-magnetic-recording (HAMR) technologies to drive stronger sales and earnings performance. Additionally, with the rise of generative artificial intelligence (AI), demand for Seagate’s products is expected to be a significant performance driver.

With AI-related demand continuing to boost performance and potentially lead to higher valuation multiples for Seagate and other data storage companies, there is a belief that this could result in improved sales, earnings, and overall market sentiment towards the sector.

By Samantha Johnson

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