Seagate upgraded to Buy from Neutral at Mizuho

Mizuho analyst Vijay Rakesh upgraded Seagate to Buy from Neutral with a price target of $82, up from $62. The analyst sees improving structural trends driving an accelerated path to supply/demand balance for memory. The firm says we are close to a cyclical bottom, with Q1 potentially seeing the peak in inventories and a tough in revenue, with fundamentals set to recover in the second half of 2023. A cyclical Q1 trough with structural improvement positions Micron, Western Digital and Seagate for upside with the shares 40%-50% below prior cycle peaks, Mizuho contends.