Seagate Is Set for Success, Analyst Highlights Demand and Pricing Strength
Portfolio Pulse from Anusuya Lahiri
Evercore ISI analyst Amit Daryanani reiterated an Outperform rating on Seagate Technology Holdings Plc (NASDAQ:STX) with a price target of $110, citing broad-based demand and pricing strength. The analyst expects Seagate to exceed March-quarter expectations and guide June and beyond ahead of street expectations. The cyclical recovery in the cloud and demand improvement with Chinese vendors are highlighted as key drivers. Additionally, pricing discipline across the HDD market is expected to improve Seagate's gross margin. Cantor Fitzgerald analyst C J Muse gave Seagate a Neutral rating with a $95 price target. Seagate is also included in the First Trust Dorsey Wright Momentum & Dividend ETF (NASDAQ:DDIV) and IShares Future Cloud 5G And Tech ETF (NYSE:IDAT).
March 05, 2024 | 9:00 pm
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POSITIVE IMPACT
First Trust Dorsey Wright Momentum & Dividend ETF includes Seagate Technology Holdings Plc, potentially benefiting from Seagate's positive outlook.
As Seagate is part of DDIV's holdings, the ETF could see positive impacts from Seagate's strong performance and favorable analyst ratings.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
IShares Future Cloud 5G And Tech ETF includes Seagate Technology Holdings Plc, which could benefit from the positive outlook on Seagate.
Given Seagate's inclusion in IDAT's holdings, the ETF stands to benefit from the positive sentiment and performance outlook for Seagate.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Seagate Technology Holdings Plc receives an Outperform rating from Evercore ISI with a price target of $110, driven by demand and pricing strength.
The positive analyst rating and high price target reflect strong demand and pricing strength, likely leading to an optimistic outlook and potential stock price increase.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100