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Seagate Technology (STX) Hits Record High as BofA Upgrades Price Target Amid AI-Driven Storage Demand
Seagate Technology (STX) Hits Record High as BofA Upgrades Price Target Amid AI-Driven Storage Demand
20
3
BTCCSquare news:
Seagate Technology shares surged past $200 for the first time after Bank of America analyst Wamsi Mohan raised his price target, citing accelerating demand for high-capacity data storage. The stock's 145% year-to-date gain now exceeds Wall Street's consensus target, creating near-term valuation concerns but underscoring long-term growth potential in the AI era.
HDD manufacturers are benefiting from unprecedented data center expansion, with Mohan forecasting 1,602 exabytes of total storage capacity shipments in 2024—a 28% year-over-year increase. The analyst simultaneously upgraded Western Digital's target, signaling broad confidence in storage infrastructure plays.
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