Seagate price target raised to $74 from $70 at Northland

Northland analyst Gus Richard raised the firm’s price target on Seagate to $74 from $70 and keeps an Outperform rating on the shares following the company’s quarterly report. The firm expects the company’s fiscal Q2 to be the bottom of the HDD cycle as the inventory correction concludes and China demand returns, noting that Seagate is using this period of weak demand to accelerate the transition to HAMR and higher-density drives, thus "increasing its value proposition."