Citi lowered the firm’s price target on Seagate (STX) to $115 from $125 and keeps a Buy rating on the shares. The firm sees the global minimum tax impacting Seagate beginning in fiscal 2026, partially offset by slightly higher gross margin assumptions on continued favorable industry dynamics. Citi remains constructive on hard disk drives overall, citing recent expert commentary indicating stable build plans and continued solid demand through 2025. However, macro uncertainty continues to be the primary factor impacting incremental HDD growth from here, the analyst tells investors in a research note.
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Read More on STX:
- Seagate Technology: Strong Market Position and Growth Prospects Drive Buy Rating
- Seagate Tech Positioned for Growth Amid HDD Industry Upswing Despite Adjusted Price Objective
- Seagate price target lowered to $112 from $130 at BofA
- Seagate price target raised to $138 from $134 at Morgan Stanley
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