Seagate price target raised to $85 from $78 at TD Cowen

TD Cowen raised the firm’s price target on Seagate to $85 from $78 and keeps an Outperform rating on the shares. The firm said there was a noticeable tone change regarding HAMR and confidence in gross margin accretion which is a positive. The technology seems to be resonating well with customers as the company sees opportunity for 1M units in C1H24, much earlier than consensus expectations.