Overview
- Seagate shares notched new highs this week, surpassing $554 and trading near $581, valuing the company at about $123.3 billion.
- Barclays upgraded the stock to Overweight with a $625 target as BofA lifted its target to $605 and UBS kept a Neutral rating with a $515 target.
- Bank of America projects fiscal Q3 revenue of $3.02 billion and EPS of $3.70, which it says is above Wall Street’s estimates ahead of the April 28 report.
- Revenue grew about 25% over the past year on strong orders from hyperscalers, the large cloud providers that buy vast amounts of data-center storage.
- Seagate agreed to sell its Lyve Cloud unit to Wasabi Technologies for equity, and some analysts warn the stock looks overvalued with overbought signals and the risk of an HDD downcycle.