Morgan Stanley analyst Erik Woodring raised the firm’s price target on Seagate (STX) to $138 from $134 and keeps an Overweight rating on the shares and reiterates Seagate as the analyst’s “IT Hardware Top Pick.” Recent industry and supply chain checks give the firm confidence that the hard disk drive upcycle has longevity and the sustainability of the HDD cycle and structurally stronger gross margins support both positive EPS revisions and a multiple re-rating, the analyst tells investors.
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