Seagate price target raised to $70 from $60 at Evercore ISI

Evercore ISI analyst C.J. Muse raised the firm’s price target on Seagate to $70 from $60 and keeps an In Line rating on the shares after the company’s December quarter revenue and earnings came in ahead of the firm’s and consensus expectations, driven by better-than-feared nearline trends. The firm sees calendar 2023 and 2024 EPS estimates moving higher as the pace and magnitude of Seagate’s nearline recovery, and overall execution, prove stronger than expected and it calls the report "a step in the right direction." However, Evercore remains on the sidelines as it continues to view the demand and pricing environment as "highly fluid."