Citi Remains Bullish on Seagate Technology (STX)

June 9, 2026 - 23:01

Citi analysts have raised their price target on Seagate Technology Holdings Plc (STX) to $1,150 from $740, while keeping a Buy rating on the stock. The move, announced on June 2, signals strong confidence in the company's future performance. The firm also increased its financial estimates for the hard disk drive maker, citing improving market conditions and demand for data storage.

The new price target suggests significant upside potential from current trading levels. Citi's bullish stance places Seagate among the top NASDAQ stocks recommended for long-term investors, particularly those looking at a three-year holding period. The upgrade reflects expectations that the hard disk drive market will continue to benefit from the ongoing growth in cloud computing, artificial intelligence, and enterprise data centers.

Seagate has been a key player in the storage industry, and the demand for high-capacity drives is expected to rise as companies expand their data infrastructure. While the broader tech sector has faced headwinds, Seagate's focus on nearline storage products positions it well for the next cycle. The raised estimates and price target suggest that Citi sees a clear path for revenue and earnings growth over the next few years. Investors will be watching for the company's next earnings report to see if the optimism is justified.