Seagate Upgraded to Outperform by BNP Paribas with $380 Price Target
BNP Paribas has upgraded Seagate Technology (STX) from Neutral to Outperform, setting a price target of $380, citing strong demand for data center storage and a projected 25% annual growth in the hard-disk drive market through 2028. Despite a recent revenue decline of 7% over three years, Seagate's financial health remains robust, with a gross margin of 36.86% and an Altman Z-Score of 5.66.
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Seagate Technology (STX) was upgraded by BNP Paribas from Neutral to Outperform, with a new price target of $380. This upgrade is driven by strong demand for data center storage and a projected 25% annual growth in the hard-disk drive market through 2028.
Seagate's revenue stands at $9.56 billion, with a three-year decline of 7%. The company has a gross margin of 36.86% and a net margin of 17.92%. Its P/E ratio is 41.91, and the P/S ratio is at 7.49.
Institutional ownership is at 95.3%. The company's strong financial health is indicated by an Altman Z-Score of 5.66, despite high leverage reflected in a negative debt-to-equity ratio of -79.27.
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