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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