Barclays Drops Bold Seagate Stock Price Target: Is $1,145 Recovery Within Reach?

Barclays has issued a new price prediction for Seagate Technology (NASDAQ: STX), signaling a potential rebound after the hard-disk drive maker tumbled to $740 from a high of $1,145. The warning comes as STX and rival SanDisk (NASDAQ: SNDK) both plunged below $1,000 during the late-July market crash, but have since recovered. With STX trading at $837 at Thursday's opening bell, Barclays' forecast suggests traders entering at the current $830 level could position for substantial upside as the stock aims to reclaim lost ground.

Seagate Stock Price Prediction: Barclays New Target For STX

Thomas O’Malley, the Equity Research Director at Barclays, has maintained his buy rating for Seagate stock. In a note sent to clients last week after the crash, the analyst predicted that STX could reach a price target of $1,250 next. He upgraded his projection from the previous target of $1,000 to $1,250, indicating bullishness on the hard-disk manufacturer.

Traders can expect a profit of nearly $413 per share if they take an entry position in Seagate stock at today’s price of $837. It is also an uptick and return on investment (ROI) of approximately 50% from its current price. Therefore, an investment of $1,000 could turn into $1,500 if the price prediction from Barclays turns out to be accurate and reaches the target.

That’s stellar gains and double-digit returns, as confidence in the hard-disk manufacturing segment is high. The confidence stems from the growing demand for its products in building AI data centers. Seagate stock stands to benefit from the market demand, as its products are vital in building the AI infrastructure. The equity could be in demand till 2030, and reward traders who hold on for the long term.