Seagate price target raised to $130 from $125 at BofA

BofA raised the firm’s price target on Seagate (STX) to $130 from $125 and keeps a Buy rating on the shares after its Q1 earnings beat. The firm is positive on the secular demand trends from Cloud, revenue and margin recovery from trough levels, the analyst tells investors in a research note. BofA adds that Seagate’s gross margins will continue to benefit from better sales mix and higher pricing.