Seagate price target raised to $120 from $110 at Citi

Citi raised the firm’s price target on Seagate to $120 from $110 and keeps a Buy rating on the shares. Following several quarters of storage digestion, capex cuts, and workforce reductions, Citi expects storage media industry dynamics to continue improving on return of pent-up storage demand led by hyperscalers, the analyst tells investors in a research note. The firm also expects a capacity-constrained storage industry, plus continued favorable supply-demand and pricing environment to support margin and profitability improvement for Seagate.