On August 4, Seagate Technology PLC rose 3.12% in pre-market trading, trading at $854.06/share, with turnover of $2.0003 million.

On the news front, BNP Paribas maintained its Outperform rating and raised its target price from $1,050 to $1,275, implying approximately 58% upside from current levels. The bank noted that AI demand growth is outpacing Seagate's annual 25% EB shipment growth target, positioning the company to secure favorable pricing terms on both nearline and non-nearline products, potentially extending the industry upcycle.

The upgrade follows a series of bullish analyst actions. Citigroup raised its target to $1,300, JPMorgan to $1,240, and Barclays to $1,250, reflecting broad institutional confidence in AI-driven data storage demand. Seagate's fiscal Q4 earnings underpinned the optimism, with revenue of $3.63 billion representing 48% year-over-year growth, adjusted EPS of $5.71 surging 120%, and gross margin reaching a record 52.7%. The stock had previously pulled back alongside the broader storage sector on August 3 after accumulating over 20% gains following earnings, with the current pre-market rebound suggesting renewed buying interest.

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