Seagate price target raised by $7 at BofA, here’s why

BofA raised the firm’s price target on Seagate to $87 from $80 and keeps a Buy rating on the shares after having hosted a virtual group call with investors with Seagate CFO Gianluca Romano. While no new update was provided on the call, the firm “walked away bullish about the prospects in 2024 and beyond,” says the analyst, who notes that management expects quarter-over-quarter growth through 2024 for revenues and margins should also improve as underutilization charges start to normalize.