Overview
- Seagate shares set a new high at $460 Monday, a gain of about 8% that puts the stock up 56% for 2026.
- Morgan Stanley moved Seagate ahead of Western Digital as its preferred hard‑disk drive stock and raised the price target to $582.
- The bank pushed its forecast for hard‑drive supply and demand to reach balance out to 2029, signaling a longer stretch of tight capacity.
- Cantor Fitzgerald lifted its Seagate target to $650 and kept an Overweight rating.
- Recent results reinforced the call, with fiscal Q2 earnings of $3.11 topping the $2.79 forecast and revenue at $2.83 billion above estimates.