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Seagate Poised for Growth with Rising HDD Demand and Advanced HAMR Technology: Analyst

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Wedbush analyst Matt Bryson upgraded Seagate Technology Holdings Inc (NASDAQ:STX) from Neutral to Outperform with a $100 price target.

The re-rating reflected an improving nearline Hard Disk Drive (HDD) demand environment that creates a likely upside to Bryson’s near-term expectations and his increased conviction that Heat Assisted Magnetic Recording (HAMR) is a “good” technology, with the ramp of HAMR only likely to augment favorable nearline trends.

According to the analyst, more certainty about HAMR progress creates intermediate to longer-term room for share, margin, and profit expansion. 

Also Read: Seagate Is Set for Success, Analyst Highlights Demand and Pricing Strength

Bryson’s checks fit with STX’s suggestion the most recent hold-up in qualification is a component issue rather than a more significant technology …

Full story available on Benzinga.com

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