TECH - Seagate Poised for Growth with Rising HDD Demand and Advanced HAMR Technology: Analyst | Benzinga
Wedbush analyst Matt Bryson upgraded Seagate Technology Holdings Inc (NASDAQ:STX) from Neutral to Outperform with a $100 price target.
The re-rating reflected an improving nearline Hard Disk Drive (HDD) demand environment that creates a likely upside to Bryson’s near-term expectations and his increased conviction that Heat Assisted Magnetic Recording (HAMR) is a “good” technology, with the ramp of HAMR only likely to augment favorable nearline trends.
According to the analyst, more certainty about HAMR progress creates intermediate to longer-term room for share, margin, and profit expansion.
Also Read: Seagate Is Set for Success, Analyst Highlights Demand and Pricing Strength
Bryson’s checks fit with STX’s suggestion the most recent hold-up in qualification is a component issue rather than a more significant technology ...