Citi Raises Seagate Price Target Amid Surging AI Data Storage Demand

Citi has reaffirmed its bullish stance on Seagate Technology Holdings (STX), raising its price target for the stock from $460 to $480 while maintaining a 'Buy' rating. The investment bank's optimism follows Seagate's third-quarter revenue projections, which surpassed consensus estimates due to significant data center expansion. Analysts attribute the stable demand to the growing need for high-capacity storage solutions required to support intensive AI workloads across various industries. As enterprise customers increase their data center capacity, Seagate is well-positioned to benefit from the critical infrastructure requirements of the AI era. The company's strategic focus on high-capacity hard disk drives remains a key driver for its financial performance and market valuation. This upward revision by Citi reflects strong confidence in Seagate's ability to capitalize on the ongoing digital transformation and the global AI boom.