Seagate price target raised to $80 from $70 at Loop Capital

Loop Capital analyst Ananda Baruah raised the firm’s price target on Seagate to $80 from $70 and keeps a Buy rating on the shares. The company delivered "surprisingly strong results" for Q2 and the stock is now up 28% year-to-date, the analyst tells investors in a research note. Loop Capital further states that Seagate is the firm’s top pick for the second consecutive year, noting that while that call did not work in 2022, the company should benefit from China reopening as well as from improved U.S. hyperscale capacity shipments.