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

UBS raised the firm’s price target on Seagate to $120 from $110 and keeps a Neutral rating on the shares. The HAMR narrative is still a bit mixed, but gross margin upside is fueling a very strong EPS recovery trajectory and estimates are going higher, the analyst tells investors in a research note. UBS still prefers memory stocks as a better way to play the upturn.