Seagate price target raised to $80 from $65 at Wells Fargo

Wells Fargo analyst Aaron Rakers raised the firm’s price target on Seagate to $80 from $65 and keeps an Equal Weight rating on the shares. The firm notes Seagate reported Q2 upside and an above-consensus Q3 guide. However, at current levels, Wells thinks confidence in a path to $9/share plus EPS is needed for a more constructive view vs. its estimate to $6-$7/share exiting 2025.