Seagate price target raised to $110 from $85 at TD Cowen

TD Cowen raised the firm’s price target on Seagate to $110 from $85 and keeps an Outperform rating on the shares. The firm said improving cloud demand pushed the company to report its first sequential revenue growth since Q3 2021 despite continued weakness in China. Cloud qualifications and HAMR margins are the most important metrics this year and STX seems to be doing better than expected on both fronts despite some noise from higher underutilization charges.