Seagate price target raised to $125 from $120 at Citi

Citi raised the firm’s price target on Seagate (STX) to $125 from $120 and keeps a Buy rating on the shares. Seagate reports results above expectations driven by improving gross margins amid demand for higher capacity drives, the analyst tells investors in a research note. The firm says management expects the demand strength to sustain, underpinned by cloud and enterprise demand improvement with the supply constraint shortfall in March now resolved.