As previously reported, Wedbush upgraded Seagate to Outperform from Neutral with a $100 price target. The firm cites an improving nearline HDD demand environment that creates likely upside to its near-term expectations and Wedbush’s increased conviction that HAMR is a “good” technology, with the ramp of HAMR only likely to augment favorable nearline trends. While the firm believes there are still some manufacturing challenges that likely need to be resolved to get the full benefit of HAMR, it thinks the fundamental issues are behind Seagate.
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