On August 4, Seagate Technology PLC rose 5.71% in regular trading, trading at $851.78/share, with turnover of $179 million.

On the news front, BNP Paribas maintained its Outperform rating on Seagate and raised its target price significantly from $1,050 to $1,275, implying approximately 58% upside from current levels. BNP Paribas 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 wave of bullish analyst actions. Citigroup raised its target to $1,300, JPMorgan to $1,240, Barclays to $1,250, and Argus to $900, all citing AI-driven data center storage tailwinds. These moves came after Seagate reported strong Q4 results with revenue of $3.63 billion (up 48% YoY), adjusted EPS of $5.71 (up 120% YoY), and a record gross margin of 52.7%. The broader storage sector also rallied, with SanDisk up 6.16% and Western Digital up 2.42%.

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