Citi raised the firm’s price target on Seagate (STX) to $125 from $120 and keeps a Buy rating on the shares. Seagate reports results above expectations driven by improving gross margins amid demand for higher capacity drives, the analyst tells investors in a research note. The firm says management expects the demand strength to sustain, underpinned by cloud and enterprise demand improvement with the supply constraint shortfall in March now resolved.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on STX: