Sustained Data Center Demand for Mass-Capacity Storage Drives BofA’s Bullishness Toward Seagate Technology (STX)

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Bank of America has raised its price target for Seagate Technology (STX) to $605 from $450, maintaining a “Buy” rating, driven by sustained demand for mass-capacity storage in data centers. Analysts believe strong data center revenues will offset seasonality in edge IoT markets, and Seagate is expected to report fiscal Q3 revenue and EPS above Street expectations. This bullish outlook is further supported by Seagate’s successful qualification and production of its HAMR-based Mozaic 4+ platform with leading hyperscale cloud providers.

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