BofA raised the firm’s price target on Seagate (STX) to $125 from $120 and keeps a Buy rating on the shares after the company outlined “robust” mid-term, FY25 to FY28 targets of low-to-mid teens compound annual growth in revenue and gross margins of 40% with further expansion opportunities at its analyst day. The firm views the mid-term revenue CAGR as “somewhat aggressive” and does not give the company full credit on both revenue and margins at this time, but notes that if the company delivers on its targets, EPS in FY28 could approach $15-plus, the analyst added.
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