Wells Fargo analyst Aaron Rakers raised the firm’s price target on Seagate to $90 from $80 and keeps an Equal Weight rating on the shares after hosting investor meetings with the company’s CFO Gianluca Romano and SVP, IR & Finance Strategy Shayne Hudson. The firm is incrementally positive on Seagate’s fundamental and gross margin recovery. Wells sees merits of a deeper discussion on a sustainable valuation re-rate.
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