Seagate price target raised to $160 from $144 at Northland

Northland raised the firm’s price target on Seagate (STX) to $160 from $144 and keeps an Outperform rating on the shares after the company reported non-GAAP earnings of $2.03, beating the firm’s estimate and consensus. Demand remains strong and the firm expects further gross margin expansion driven by the company’s areal density roadmap, which drives premium pricing for high-capacity drives and the ability to cost-reduce low-capacity drives, the analyst tells investors.