Seagate Technology (NASDAQ:STX) shares surged to a historic high of $132.24, marking a milestone for the data storage leader. With a year-to-date gain of 53%, the company’s market capitalization now approaches $28 billion, underscoring growing investor confidence and favorable market dynamics.

Over the last 12 months, Seagate stock has climbed 24.29%, bolstered by a 36% increase in revenue and a healthy price-to-earnings (P/E) ratio of 18.45. The company’s long-standing track record of financial consistency is also evident in its 2.2% dividend yield, which it has maintained without interruption for 15 years.

Seagate’s upward momentum is closely linked to its strong position in the tech sector and its ongoing efforts to diversify its product line and expand into new markets, particularly in high-demand areas such as data centers and AI-powered storage solutions.

Following its recent Analyst Day, a wave of bullish sentiment from Wall Street has further energized the stock. Morgan Stanley lifted its price target to $140, forecasting substantial storage demand and projecting an earnings per share (EPS) of $19 by FY2028, supported by a 13–16% compound annual growth rate (CAGR) in revenue.

Bank of America (BofA) also raised its target to $135 and reiterated a Buy rating, citing Seagate’s strong positioning in next-gen storage technologies, including Heat-Assisted Magnetic Recording (HAMR), and rising demand from data centers. Mizuho followed suit, increasing its target to $130, noting the rapid pace of innovation in Seagate’s disk technology and an anticipated mid-20% CAGR in data center Exabyte demand driven by AI workloads.

Cantor Fitzgerald took a more neutral stance, maintaining its $125 target but acknowledged Seagate’s clarified financial roadmap and EPS potential of $16.50 by FY2028. BofA had previously set a $125 target as well, reflecting confidence in Seagate’s ability to generate low-to-mid teens revenue growth from 2025 through 2028.

Overall, analysts appear largely optimistic about Seagate’s strategic direction and long-term prospects. As the company continues to push the boundaries of data storage innovation, market watchers will be keeping a close eye on whether it can meet the ambitious projections set by Wall Street.

Seagate stock price

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